Eurozone inflation hits record breaking 10.7% in October

Inflation in the Euro area in October set another record reaching 10.7% year-on-year, statistical agency Eurostat announced on Monday.

"Euro area annual inflation is expected to be 10.7% in October 2022, up from 9.9% in September," the report said.

The department noted, "Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in October (41.9%, compared with 40.7% in September), followed by food, alcohol & tobacco (13.1%, compared with 11.8% in September), non-energy industrial goods (6.0%, compared with 5.5% in September) and services (4.4%, compared with 4.3% in September)."

The euro area includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia, and Finland.