MOSCOW, September 30 (RIA Novosti) - A euro area inflation flash estimate released by the statistical office of the European Union (EU), Eurostat, on Tuesday reveals a decreased in annual inflation to 0.3 percent in September 2014 from 0.4 percent in August.
The flash estimate which predicts the change of the price level between the current month and the same month of the previous year, predicts services to have the highest annual rate in September of 1.1 percent compared to 1.3 percent in August. Food, alcohol and tobacco products total 0.2 percent compared to -0.3 percent in August while non-energy industrial goods equals 0.1 percent annual inflation and energy is observed at -2.4 percent.
Each of the main components contributes to the harmonized indices of consumer prices (HICP) in varying degrees. Services make up the largest component of the area HICP at 42.8 percent of individual consumption expenditure in the euro area while non-energy industrial goods is the second largest part totaling 26.7 percent. Food, alcohol and tobacco account for 19.8 percent and energy accounts for 10.8 percent.
The euro area inflation flash estimate is issued at the end of each month or shortly after and is replaced by actual data around the middle of the following month when a complete set of harmonized indices of consumer prices (HICP) is released.
The euro area includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
