Preliminary data on Monday from Europe’s statistics office showed headline inflation came in at an annual 10.7% this month.
This represents the highest ever monthly reading since the euro zone’s formation. The 19-member bloc has faced higher prices, particularly on energy and food, for the past 12 months.
But the increases have been accentuated by Russia’s invasion of Ukraine in late February.
This proved to be the case once again, with energy costs expected to have had the highest annual rise in October, at 41.9% from 40.7% in September. Food, alcohol and tobacco prices also climbed in the same period, jumping 13.1% from 11.8% in the previous month.
In Italy, headline inflation came in above analysts’ expectations at 12.8% year on year. Germany also said inflation jumped to 11.6% and in France the number reached 7.1%. The different values reflect measures taken by national governments, as well as the level of dependency that their nations have, or had, on Russian hydrocarbons.
There are, however, euro nations where inflation rose by more than 20%. This includes Estonia, Latvia and Lithuania.
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