Eurozone inflation accelerates to historical rate of 10.6% due to war
Eurostat, the community statistics office, has confirmed the abrupt rise that inflation registered in October in the euro area. The rise in prices accelerated seven tenths in relation to the previous month to situate the annual rate at 10.6%, one tenth less than initially expected, but a level that the countries that share the euro had never registered since the creation of the common currency. In the case of the European Union at Twenty-seven, the interannual rate of inflation climbed to 11.5% (from the 10.9% cal that had been in September).
The highest increase was registered by energy prices, of 41.5% (eight tenths higher than the previous month) in the midst of a crisis aggravated by the war in Ukraine and the supply cuts by Russia to countries highly dependent on its hydrocarbons, such as Germany. Also noteworthy is the increase in fresh food, 15.5% year-on-year. Meanwhile, services registered inflation of 4.3%, in line with the data for September, and non-energy industrial goods have risen 6.1% annually, six tenths more than the previous month.
Excluding the impact of energy from the calculation, the year-on-year inflation rate in the euro zone stood at 6.9% in October, compared with 6.4% the previous month, while also excluding the effect of the prices of fresh food, alcohol and tobacco, the subjacent inflation rate has reached a record of 5%, two tenths more than in September.
Inflation in Spain, more than three points below
Among the Twenty-seven, a total of 18 countries registered annual price increases of at least 10%. The highest inflation rates were observed in Estonia (22.5%), Lithuania (22.1%), Hungary (21.9%) and Latvia (21.7%). On their side, only nine EU countries registered increases of less than 10%, the least intense being those registered in France (7.1%), Spain (7.3%) and Malta (7.4%). Thus, the favorable price differential for Spain with respect to the euro area widened to 3.3 percentage points in October from 0.9 points the previous month.
By comparison, the UK’s October price rise soared to 11.1% from 10.1% in September, a 41-year high. In the United States, the CPI stood at 7.7% in October, half a percentage point below the figure for September, thus chaining four months of moderation, which is the least intense increase since last January.
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