Europe Zone Inflation Jumps to Record High of 10.7 Percent
- Istimewa
VIVA – Inflation in the Europe zone is reported to have jumped by 10.7 percent in October 2022, from 9.9 percent a month earlier. The high inflation is because of the severe cost of living crisis in Europe.
As launched from CNBC on Tuesday, November 1, 2022, based on preliminary data from the European statistical office Monday, headline inflation was recorded at 10.7 percent on an annual basis last month. Where it is the highest monthly reading since the formation of the eurozone.
The 19-member bloc has been facing higher prices, especially in energy and food for the last 12 months. In this case, the price increase was due to pressure from Russia's invasion of Ukraine at the end of February 2022.
Bendera Uni Eropa.
- Pixabay
Based on data reported by each country in the region, Italy, headline inflation was above analyst expectations at 12.8 percent year on year. Germany also said inflation jumped to 11.6 percent, and France's inflation hit 7.1 percent.
However, there are European countries that have inflation rising more than 20 percent. This includes Estonia, Latvia, and Lithuania.
With this, energy costs are estimated to have the highest annual increase in October 2022 at 41.9 percent compared to September 2022 at 40.7 percent.
In addition, prices for food, alcohol, and tobacco also rose in the same period by 13.1 percent from 11.8 percent in the previous month.
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