Figures from the European Union’s statistics office Eurostat published on Wednesday, showed that Eurozone inflation rose to 4,1% in October, from 3,4% in September. This new value is significantly higher than 0,3% recorded a year ago. In the European Union, the annual inflation was even bigger, at 4,4%. Last time inflation was so high was in July 2008. Still, despite record value, inflation is in line with earlier estimates.
The main factor for the price increases is the cost of energy, which represents more than half of the jump, adding 2,21%. Meanwhile, other inflation components increased at a steadier pace, well below 1%.
Romania recorded the fourth-highest inflation rate in the European Union at 6,5%, significantly higher compared to the 4,4% average. Lithuania recorded the highest inflation rate at 8,2% while Malta registered the lowest at 1,4%.
According to the European Central Bank (ECB), in November inflation is expected to hit “its highest level since the euro was introduced in 1999” amid soaring energy prices. Still, the pace of rises should slow over the course of 2022, said a top official at the ECB, admitting that the extent of the slowdown is hard to predict.