Inflation in the eurozone jumped to a record 10.7% compared to 2021. The EU economy loses its growth impetus, so the risk of recession has increased greatly, writes Bloomberg.
According to Eurostat, annual inflation in 19 countries of eurozone, according to preliminary estimates, in October to a record 10.7% from 9.9% of September. Analysts expected growth only up to 10.3%.
Consumer prices excluding the cost of energy, food and alcohol in October increased by 5% in annual terms against 4.8% in September. Energy carriers in October accelerated an increase of up to 41.9% after an increase in 40.7% in September. The cost of food, alcohol and tobacco products increased by 13.1% instead of 11.8% in September.
The highest inflation in annual terms was recorded in Estonia (22.4%), Lithuania (22%) and Latvia (21.8%). The lowest price increase was observed in France (7.1%), Spain (7.3%) and Malta (7, 5%).
Thus, inflation in the eurozone has again renewed a maximum of the entire history of the currency block. According to economists, Europe is on the verge of a recession.