Inflation in the Euro Zone has fallen to its lowest level in two years in September, suggesting the European Central Bank's move of interest rate hikes was succeeding in curbing rising prices. According to Eurostat's flash reading, inflation excluding food, energy, alcohol and tobacco, fell to 4.5 percent from 5.3 percent, the biggest drop since August 2020. 

The inflation drop was broad-based, with all price categories growing at a slower pace and energy prices falling outright for a fifth consecutive month.