(VOVWORLD) - Inflation in the Eurozone exceeded the forecast and hit a record high in October. It’s likely that the European Central Bank (ECB) will continue to raise interest rates due to the increasing price pressure.
 The euro, the most tangible symbol of European integration, in Frankfurt, Germany (Photo: Xinhua/VNA) |
According to a report from Eurostat, the commission’s statistical office, consumer prices in October rose 10.7% in the 19 countries that use the euro, compared to 9.9% in September and exceeding the forecast of 10.2%.
Germany, France, and Italy have the highest inflation rate, according to Eurostat.
The rise of food and imported industrial goods prices has added to the cost of living on top of higher energy prices, the main driver of the current inflation.
Over the past 3 months, the ECB has bumped up interest rates by 200 points and will likely raise interest rates again next month to curb inflation.