Price inflation in the euro area continues to break records.
Estimates from the EU statistics agency, Eurostat, show that prices rose by 10,7 in October, measured compared to the same month last year. According to Bloomberg data, economists in advance expected inflation to increase by 10,3 percent. The country's GDP increased by 0,2 percent. from the second to the third quarter and by 2,1 compared to the previous year.
Inflation in the Eurozone
Energy prices also continue to rise at 41,7 percent today, compared to 40,7 percent in September. Food prices are also rising. Food, alcohol and tobacco prices rose 13,1% in September. A month earlier, it was 11,8 percent. In September, the increase in prices was also record-breaking when it increased to 10%. In August it was 9,1 percent. The high inflation was caused by, among others, energy prices. As a result war in Ukraine prices of electricity, gas and fuel rose sharply.
Continuous price increase
In September, energy prices in the euro area were 40,8% lower than in September. higher than in the same month of the previous year. The European Central Bank (ESB) is fighting rising inflation by raising it interest rates. Last week, the bank increased the interest rate by 0,75 percentage points. The ECB announces several rate hikes in the future, but this will be assessed on an ongoing basis. The inflation target is two percent, the ECB writes in a press release. According to the bank, inflation is still far too high and energy and food prices continue to rise.
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