Has eurozone inflation shot even higher?
Can inflation maintain its record-setting pace in the euro area even though the economy already seems to be contracting and economists are widely predicting a recession this winter?
The latest test will come on Friday, when the European Commission’s statistics arm will release eurozone inflation data for September. Economists polled by Reuters expect consumer price growth to have hit 9.6 per cent on an annual base, up from the all-time high of 9.1 per cent set only in August.
Prices of oil, steel, wood and many other commodities have fallen for several months. But this is being offset by persistently high energy costs, which are hitting both manufacturing and services companies and prompting them to raise prices.
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