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ANNUAL EUROPEAN INFLATION STICKS AT 3.3%

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Six Member States meet EU convergence criteria, says Eurostat. EC annual inflation - as measured by the Consumer Pr...
Six Member States meet EU convergence criteria, says Eurostat. EC annual inflation - as measured by the Consumer Price Index (CPI) - was 3.3% in October unchanged from September.

Today's figures from EUROSTAT- the EC statistical office in Luxembourg - indicate the near stability of Community inflation. Since the beginning of the year, the annual rate has remained between 3.6% and 3.3%.

IRELAND (1.3% August figure), the UNITED KINGDOM (1.4%) and DENMARK (1.5%) have the lowest rates. The current EC rate is the lowest since the 3.2% of spring 1988.

The European Union treaty, as one of the criteria of economic convergence, requires that annual inflation rates in Member States must not exceed by more than 1.5 percentage points the average of the three lowest rates. This was 1.4% in October. As the Treaty came into effect on 1 November, IRELAND, the UNITED KINGDOM, DENMARK, the NETHERLANDS, FRANCE and BELGIUM met this requirement (2.9%).

Of applicant Member States, only FINLAND (1.6%) and NORWAY (2.0%) met the criteria. AUSTRIA (3.4% - September figure) and SWEDEN (4.3%) did not. Annual rates for the UNITED STATES and JAPAN in October were 2.8% and 1.3% respectively.
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