Consumer prices in the eurozone rose by 4.1% per year in October from 3.4% in September.
- Energy cost rose by more than 23% year-on-year and by 5.6% in October, as higher gas prices and petrol costs hampered consumers.
- Good inflation jumped to 2% as services increased by 2.1%. Core inflation, excluding energy and unprocessed food products, increased to 2.1%.
- The European Central Bank wants to maintain inflation at 2% over the medium term, and policymakers have argued inflation spikes were temporary.
Earlier in the week, ECB President Christine Lagarde stated that tightening monetary policy could hamper post-pandemic economic recovery, as she opposed calls to increase interest rates.
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