Consumer prices decreased a sharper revised 0.5 percent on the month in September. This put the annual inflation rate at 1.4 percent, also 0.1 percentage points short of the initial print and now 0.2 points below the final August mark and a 3-month trough.
The flash HICP was revised similarly and now shows a (largely seasonal) 1.7 percent increase versus mid-quarter and a 1.5 percent yearly rate, a tick short of the final post in August.
As indicated earlier, the drop in annual CPI inflation was due to softer rates in unprocessed food (2.4 percent after 3.1 percent), transport (2.5 percent after 2.8 percent) and unregulated energy (9.3 percent after 9.5 percent). Excluding energy and unprocessed food, the core rate was revised down 0.1 percentage points to 0.7 percent, a tick short of the August outturn.
Today's revisions essentially confirm that underlying inflation is just trending sideways and at a low enough level to pose a problem for ECB policy. There is nothing new here although this could change should the new government successfully deliver on its fiscal expansion plans.