Eurozone inflation hits three-year high in October
Inflation in the eurozone accelerated to 4% in October, its highest level in three years, as energy prices surged amid the conflict in the Middle East, according to Eurostat’s flash estimate published Wednesday, Qazinform News Agency reports, citing Belga News Agency.
The October figure was the highest since September 2023. The annual inflation rate across the 21 countries using the euro rose from 3.8% in September to 4% in October.
Energy prices climbed 20.8%, up from 18.9% in September. Food inflation also edged up to 1.6% from 1.3%, while services inflation rose to 3.3% from 3.2%.
Jack Allen-Reynolds, an economist at Capital Economics, said the indirect effects of higher energy costs on food prices remained very limited. He added that if energy prices remain near current levels, their impact on food prices could become more visible in the coming months.
In Belgium, inflation reached 5.2% in October, according to Eurostat. The figure differs from the 5.26% reported by the Belgian statistics office, Statbel, last week. The difference reflects the fact that Eurostat and Statbel use different methods to calculate inflation.
Earlier, Qazinform News Agency reported that the European Parliament, Council and Commission had reaffirmed their commitment to a major overhaul of the EU’s Single Market by the end of 2027, with the aim of removing barriers, boosting economic growth and strengthening Europe’s competitiveness.