The main reason behind this rise was the increase in electricity and gas prices, which increased by 24% On an annual basis despite government restrictions, food prices, which rose by 16.4%.
In the eurozone, annual inflation is expected to reach a new record high 10.7% In October, up from 9.9% In September, according to the latest estimate by Eurostat, the European bloc's statistics service.
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More than half of eurozone countries recorded double-digit inflation rates in October, including Germany (11.6%) and Belgium (13.1%) and the Netherlands (16.8%)France had the lowest rate 7.1%.
Italy saw the largest monthly increase in prices, as inflation jumped from 9.4% In September to 12.8% in October.
Energy prices were once again the main driver of inflation in the eurozone, with a rise of 41.9% On an annual basis, compared to approx 40.7% in September and 38.6% in August.
The Baltic countries are still the most affected, with Estonia in particular experiencing the highest levels of inflation in the eurozone, at 22.4% In October, compared to approx 6.8% a year ago.
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But Estonia can breathe a sigh of relief this month, as inflation fell slightly compared to September, when it reached 24.1%, and August, when it was at 25.2%.
The inflation rate in Lithuania also reached 22.0%, while it decreased slightly in Latvia 21.8%.
The rate of inflation in the euro area rose from 7.4% In April, as energy and food prices continue to rise affected by the Russian war in Ukraine, according to”euronews”.
Following in the footsteps of its counterparts around the world, the European Central Bank in July raised interest rates for the first time since 11 year by more than expected, as it aims to curb high inflation.
Another record high in interest rates followed in September, raising new questions about whether the rush to make credit more expensive and keep inflation in check will plunge major economies into recession..
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in 27 In October, the European Central Bank raised interest rates again, raising the deposit rate by 75 Another basis point to 1.5% It is the highest rate in more than a decade.
What causes high inflation rates?
Europe and much of the world were already affected by rising energy prices, which are contributing to inflation, before Russia's invasion of Ukraine in late February..
The conflict exacerbated the energy crisis by fueling global fears that it might lead to an interruption of oil or natural gas supplies from Russia, and Moscow linked in September the return of its full supplies of gas to the old continent by lifting the sanctions imposed on it..
Russia usually supplies Europe with approx 40% of its natural gas needs.
The prices of many basic commodities, including foodstuffs, have also increased since the COVID-19 lockdowns were implemented – 19 for the first time two years ago, damaging global supply chains, leaving crops to rot and causing panic buying in supermarkets..
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The war in Ukraine has once again greatly exacerbated expectations. Russia and Ukraine account for nearly a third of global wheat and barley, and two-thirds of world exports of sunflower oil used for cooking. Kiev is also the fourth largest exporter.