News »

Inflation in the eurozone exceeds ten percent and reaches a new record

crisis-en-europaEuro zone inflation again exceeded expectations this month and hit a new record high, pointing to further interest rate hikes by the European Central Bank.

Consumer price growth in the 19 countries that share the European currency accelerated to 10.7% in October from 9.9% the previous month, Eurostat data showed on Monday.

This increase would be driven by an astronomical 41.9% growth in energy costs, compared to last year, according to the EU statistical office.

Likewise, the value of food, which increased by 13.1%, and that of imported industrial goods pushed prices up.

The European Central Bank has raised interest rates a total of 200 basis points (2%) in the last 3 months and has already promised a further tightening for December.

The ECB deposit rate, now at 1.5%, is seen to peak at just under 2.9% in 2023, a big jump from expectations around 2.6%. after the body’s meeting last Thursday.
(Taken from RT in Spanish)

Make a comment

Your email address will not be published. The mandatory fields are marked. *