EU inflation soars to record 10.7%

Euro-area inflation surged to a fresh all-time high. Consumer prices jumped by 10.7% from a year ago in October, far exceeding the 10.3% median estimates. This represents the highest ever monthly reading since the euro zone’s formation.

In October, energy costs rose year-on-year to 41.9% from 40.7% in September. Food, alcohol and tobacco prices also surged in the same period, up 13.1% from 11.8% in the previous month.

Earlier last week, individual EU member states reported their data. In Italy, headline inflation beat analysts' expectations at 12.8% year-on-year. Germany also said inflation jumped to 11.6%, while in France the figure reached 7.1%. In Estonia, Latvia and Lithuania, inflation rose by more than 20%.

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