Thursday, December 1, 2022

Eurozone inflation hits record 10.7 percent

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Eurozone inflation hits record 10.7 percent

Inflation in the eurozone hit another record high in October. Compared to the same month of the previous year, consumer prices rose by 10.7 percent, as the statistics office Eurostat announced in Luxembourg on Monday in a first estimate.

Inflation in the euro zone rose again significantly, mainly because of the high energy prices. (icon picture)

Economists had expected a rate of 10.3 percent. October inflation is the highest since the euro was introduced as book money in 1999. In the previous month, consumer prices rose by 9.9 percent.

Inflation was again driven by the sharp increase in energy prices, which rose by 41.9 percent compared to the same month last year. In addition, the rise in prices for food and luxury goods accelerated, increasing by 13.1 percent compared to the previous year.

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