Eurozone inflation surged to a record high of 10.7 per cent in October, keeping the pressure on the European Central Bank to continue raising interest rates despite a sharp slowdown in growth in the third quarter.
The increase in eurozone consumer prices accelerated from 9.9 per cent in September, which was already the highest in the 23-year history of the euro.
The latest high, reported on Monday by the European Commission’s statistics arm Eurostat, also outstripped the 10.2 per cent expected by economists polled by Reuters. It was the 12th consecutive month that inflation has set a record high in the eurozone, taking it to more than five times the ECB’s 2 per cent target.
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