Eurozone inflation climbed in October to a record 10.6%, one tenth less than expected

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Eurozone inflation climbed in October to a record 10.6%, one tenth less than expected

France (7.1%) and Spain (7.3%) registered the least intense price increases in the EU


The year-on-year inflation rate in the euro area stood at 10.6% in October, which marks a new historical record and represents an acceleration of seven tenths compared to the figure for September, despite the rises in interest rates undertaken by the European Central Bank (ECB), according to the community statistical office, Eurostat, which has thus lowered the data by one tenth compared to the first estimate.

In turn, the year-on-year inflation rate for the European Union as a whole rose in October to 11.5% from the 10.9% corresponding to September.

In October there was a general rise in prices in the euro area, with an acceleration in the rise in energy prices, which grew by 41.5% in the tenth month of the year, compared to 40.7% year-on-year in September .

Likewise, fresh food became more expensive in October by 15.5%, which represents an acceleration compared to the 12.7% of the previous month. Services registered inflation of 4.3%, in line with the data for September, and non-energy industrial goods have risen 6.1% annually, six tenths more than in September.

Excluding the impact of energy from the calculation, the year-on-year inflation rate in the euro zone stood at 6.9% in October, compared with 6.4% the previous month, while also excluding the effect of the prices of fresh food, alcohol and tobacco, the subjacent inflation rate has reached a record of 5%, two tenths more than in September.

Among the Twenty-seven, a total of 18 countries recorded annual price increases of at least 10%. The highest inflation rates were observed in Estonia (22.5%), Lithuania (22.1%), Hungary (21.9%) and Latvia (21.7%).

On their side, only nine EU countries registered increases of less than 10%, the least intense being those registered in France (7.1%), Spain (7.3%) and Malta (7.4%).

Thus, the favorable price differential for Spain with respect to the euro area widened to 3.3 percentage points in October from 0.9 points the previous month.

By comparison, the UK's October price rise soared to 11.1% from 10.1% in September, a 41-year high.

In the United States, the CPI stood at 7.7% in October, half a percentage point below the figure for September, thus chaining four months of moderation, which represents the least intense increase since last January.