Euro zone inflation rises to 4.1% for October, hitting a new 13-year high
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As the Euro zone battles rising energy costs, inflation reached a 13-year record in October.
Preliminary data from Eurostat, Europe’s statistical office, showed that headline inflation was at 4.1% on Friday.
According to Reuters data this was the highest figure since July 2008. It was also higher than the consensus prediction of 3.7%. The September figure was 3.4%.
This is the driving force behind the rise. higher by surging energy pricesThis is causing concern for policymakers. By far, the most significant contributor was the energy component of the inflation data which rose 23% over the previous year.
Friday’s third quarter data showed the bloc’s GDP grew by 2.2% in comparison to the prior period. This is the fastest rate of growth in one year.
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—CNBC’s Silvia Amaro contributed to this article.
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