According to the European statistical office, the 3.4% annual inflation rate in the euro zone compares with -0.3% year-on-year and 3.0% in August.

In the EU, the annual inflation rate rose to 3.6% from 0.3% in the same month in 2020 and to 3.2% in August.

Among Member States, the lowest inflation rates were observed in Malta (0.7%), Portugal (1.3%) and Greece (1.9%) and the highest in Estonia, Lithuania (6.4% each) and in Poland (5.6%).

Compared to August, the annual inflation rate declined in Belgium, remained stable in Portugal and increased in the other 25 Member States.

In July, the European Central Bank (ECB) informed that its new strategy contemplates a symmetrical inflation target of 2% in the medium term, a more flexible target, admitting temporary and moderate deviations.

The inflation target set by the ECB so far has been a rate close to, but slightly below 2%.