Eurozone inflation reaches 10.7% in October as core prices climb 5%
The consumer price index–a measure of what consumers pay for goods and services–increased 10.7% in October on year, accelerating from 9.9% in September, preliminary data from the European Union’s statistics agency Eurostat showed Monday.The acceleration in inflation was led by higher energy prices, which rose 41.9% on year in October compared with the 40.7% gain registered in September. Food, alcohol and tobacco prices also gained pace, increasing 13.1% on year from an 11.8% rise in September.
The core consumer price index–which excludes the more volatile categories of food and energy–increased 5% on year in October, up from 4.8% in September. The European Central Bank raised interest rates by 75 basis points for the second time in a row on Thursday, but signaled mounting concerns about economic growth in the region.
Data released Friday showed the eurozone economy expanded by 0.2% in the third quarter, beating economists’ expectations but slowing from the 0.8% expansion registered in the previous three-month period.
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