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Financial News: Eurozone Inflation Rises To New Record

Eurozone Inflation Rises To New Record

10/31/2022 - 06:47:00 (RTTNews)

(RTTNews) - Eurozone inflation accelerated further to a new record high in October, flash data from Eurostat showed on Monday.

Inflation rose more-than-expected to 10.7 percent in October from 9.9 percent in the previous month. The rate was forecast to rise to 10.2 percent.

Core inflation which excludes energy, food, alcohol and tobacco, advanced to 5.0 percent from 4.8 percent in the prior month. The rate was forecast to remain unchanged at 4.8 percent.

Month-on-month, the harmonized index of consumer prices gained 1.5 percent in October.

The annual increase was largely driven by the 41.9 percent surge in energy prices. Food, alcohol and tobacco prices also increased at a faster pace of 13.1 percent. Non-energy industrial goods prices moved up 6.0 percent, following the 5.5 percent increase a month ago. Services cost climbed 4.4 percent, slightly faster than the 4.3 percent increase.

Final data is due on November 17.

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