The annual rate of consumer-price inflation in the eurozone hit 10.7% in October, a record high, highlighting the challenges facing the European Central Bank
and are much higher than a year earlier, as are food prices.
Economists had expected to see a pickup in inflation during October, but not one that was as large as Eurostat reported. Economists surveyed last week by The Wall Street Journal saw a rise to 10% from 9.9% in September. “This raises the question of whether the talk of an ECB ‘pivot’ that followed Thursday’s meeting is premature,” said Paul Hollingsworth, an economist at BNP Paribas.
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