Eurozone October Consumer Prices 10.7%, Record High... Energy Crisis Highlighted (Update)

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] The Eurozone (19 countries within the European Union (EU) using the euro) consumer price index (CPI) forecast for October showed a 10.7% increase compared to the same period last year, marking an all-time high.

On the 31st (local time), Eurostat, the EU's statistical office, announced that the October CPI forecast rose 10.7% year-on-year, the highest since statistics began in 1997. Despite the European Central Bank (ECB) raising the benchmark interest rate by 0.75 percentage points from 1.25% to 2.00%, executing a 'Giant step' for two consecutive months, the CPI surged sharply.

Eurostat stated that the main drivers of the CPI increase were the sharp rises in energy and food prices. Energy prices in the Eurozone in October surged 41.9% compared to the same month last year, and food prices also rose by 13.1%. The core inflation rate increased from 4.8% in September to 5% in October.

This content was produced with the assistance of AI translation services.