FTSE 100 and European stocks made marginal gains as the eurozone inflation hit a fresh high of 10.7%. India: Inflation comes in at highest level since April in September. The S&P Global Eurozone Services PMI was revised higher to 48.6 in October of 2022 from a preliminary of 48.2, but still pointed to a third consecutive month of falling services activity and the biggest since February last year, due to weaker demand. The Euro Area economy expanded 2.1% year-on-year in the third quarter of 2022, easing from an upwardly revised 4.3% advance in the second quarter, flash estimates showed. The equivalent CPI data from the Eurozone are scheduled for release later in the session, and are also expected to hit double figures, a sharp rise from Augusts annual 9.1%. It is a key way to measure changes in purchasing trends and inflation. Find latest news from every corner of the globe at Reuters.com, your online source for breaking international news coverage. Tomorrow, the Eurozone Final CPI, Final Core CPI, and the US Housing Starts and Building Permits could have an impact. View comments A seventh consecutive increase in rates will lift them to their highest level since April 2013, but the most aggressive tightening cycle in three decades is expected to push into 2023 after the September quarter CPI rose at a 7.3% y/y pace. Stocks were volatile yet again on Wednesday ahead of Thursdays September CPI report, which will provide the latest insight into the state of inflation in the American economy. Inflation continues to be the dominant driver of monetary policy which todays data has reinforced, as energy (+4.19%) and food alcohol and tobacco (+2.47%) were the standouts as far as price increases are concerned for the month of September. A year earlier, the rate was 3.6%. The producer price inflation in the Euro Area eased to 41.9 percent year-on-year in September 2022, down from an all-time high of 43.4 percent in August and slightly below market expectations of 42.0 percent. Consumer prices rose an eye-watering 4.0% in Italy in October, a major acceleration from September's 1.4% rise that took the year-on-year rate up to 12.8% under the EU's harmonized methodology. which exceeded 87,000 as of September. A recession in the eurozone has now become the near-consensus view, with the IMF being the latest international institution to predict a contraction in the eurozone economy in 2023. 20-month low. The euro area annual inflation rate was 9.9% in September 2022, up from 9.1% in August. The real-time Economic Calendar covers economic events and indicators from around the world, including the US, the UK, Canada and Australia, and is automatically updated when new data is released In September 2022, industrial producer prices rose by 1.6% in the euro area and by 1.5% in the EU, compared with August 2022, according to estimates from Eurostat, the statistical office of the European Union. New orders went down for a fourth month and output fell the most since February 2021 while backlogs of work moved higher and Merchandise exports increased 4.8% on an annual basis in September, following Augusts 1.6% increase. 29-month low. Eurozone S&P Global Services PMI Flash (OCT) 48.2 vs September 48.8. Once again US consumer price inflation has come in higher than expected with headline prices up 0.4% month-on-month in September (consensus 0.2%) and core ex food and energy up 0.6% MoM (consensus 0.4%). The Eurozone annual inflation rate was revised slightly down to 9.9 percent in September 2022 from a preliminary estimate of 10.0 percent. GDP Annual Growth Rate in Euro Area averaged 1.60 percent from 1995 until 2022, reaching an all time high of 14.60 percent in the second quarter of 2021 and a record low of -14.60 percent in the second New Swedish govt cuts fuel taxes, boosts defence in first budget By Reuters - Nov 08, 2022. Eurozone CPI Narrowly Misses 10% But Remains Elevated. 19 October: September Rate Up From 9.9%, Back To July Level. European Union annual inflation was 10.9% in September 2022, up from 10.1% in August. The EUR/GBP cross attracts some buying near the 0.8575-0.8570 region on Monday and snaps a four-day losing streak to its lowest level since early September. EUR/USD is seen consolidating last weeks post-ECB rejection slide from the 100-day SMA. The annual inflation rate in Ethiopia eased for the fourth straight month to 30.7% in September of 2022, from 32.5% in the previous month. October 14, 2022. In the US, prices rose 8.2% in the 12 months to September . October 12, 2022. Still, the reading added to concerns over mounting inflationary pressure across Europe amid a weakening economic outlook and a deepening energy crisis, In fact, in March the US hit an inflection point when food and beverages CPI outpaced broader CPI. The euro area annual inflation rate was 9.9% in September 2022, up from 9.1% in August. Traders seem reluctant to place aggressive bets ahead of the key central bank event risks. Read more. The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. "We forecast a 0.26% increase in headline CPI in September, a bit above consensus expectations for a 0.2% increase and corresponding to a 0.2pp decline in the year-over-year rate to 8.10%. This means the annual headline rate slows to 8.2% from 8.3% while core rises to 6.6% The print came higher than analysts expectations of 9.7%, marking the fifth straight month eurozone inflation data releases exceeded projections. The higher-than-expected inflation prompted some economists to call for a 50bp hike next Tuesday. Amidst the backdrop of rampant food inflation, this years COP27 in the Egyptian city of Sharm El-Sheikh (November 6-18) will be critical. Our economists highlight that with gas prices down another near 7% from August to September, energy will again drag on the headline CPI print (+0.28% forecast vs. +0.12% previously). Todays CPI release comes just two weeks after Eurostat reported that inflation in the euro area hit a new all-time high of 10%. That is because food inflation has been stronger than overall inflation. Find the latest business news on Wall Street, jobs and the economy, the housing market, personal finance and money investments and much more on ABC News Septembers result chiefly reflected a smaller surplus in trade goods compared to September last year. A year earlier, the rate was 3.4%. Inflation hit 8.2% in September year-over-year, according to the latest consumer price index (CPI) data release, driven by rampant energy costs. Later, the US is to release the Capacity Utilization Rate, expected at 80.0%, and Industrial Production, which may report a 0.1% in September versus the 0.2% drop in the previous reporting period. It suggests eurozone rate-setters are not yet ready to slow the pace of monetary tightening, despite mounting political criticism. In August 2022, prices increased by 5.0% in the euro area and by 4.9% in the EU. A year earlier, the rate was 3.6%. The annual inflation rate for countries which use the euro is forecast to be 10% in September, mainly because of energy costs. This is not just a US issue. Still, it was the highest rate since comparable records began in 1991, as the euro hit a 20-year low and the bloc's energy crisis deepened. Historically, September has averaged the worst performance from the S&P 500 as a stand in for risk through the calendar year averaged out back to 1980. European Union annual inflation was 10.9% in September 2022, up from 10.1% in August. Inflation Rate in Ethiopia averaged 17.88 percent from 2006 until 2022, reaching an all time high of 64.20 percent in July of 2008 and a record low of -4.10 percent in September of 2009. A year earlier, the rate was 3.4%. Today we will get the important Producer Price Index release at 8:30 a.m. and the FOMC Meeting Minutes release at 2:00 p.m., among others. It was the lowest reading since August of 2021. Brazils current account recorded a USD 5.7 billion deficit in September, widening from the USD 1.9 billion shortfall posted in the same month last year, and deteriorating from the USD 5.4 billion deficit clocked in August 2022. Looking ahead, Lu said he expects China's CPI will rise 2.3 percent year-on-year and PPI will decline 1.2 percent year-on-year in October on a higher base and slowing economy. Read more Password requirements: 6 to 30 characters long; ASCII characters only (characters found on a standard US keyboard); must contain at least 4 different symbols; Construction spending totaled $1.599 trillion in 2021, an increase of 8.2 percent from the $1.470 trillion spent in 2020. India: Merchandise exports rise at a faster pace in September. Looking ahead, Lu said he expects China's CPI will rise 2.3 percent year-on-year and PPI will decline 1.2 percent year-on-year in October on a higher base and slowing economy. 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