Business cycle Strong energy prices boost euro area inflation to record highs of over 4%

The price of energy rose by 23.5 per cent in October.

Consumer prices inflation has intensified significantly in the euro area.

According to preliminary data published by the European Union’s Statistics Center on Friday, the inflation rate in the euro area was 4.1 per cent in October. It was mainly accelerated by a 23.5% rise in energy prices.

In the euro area, inflation has been more than 4% only once in the 21st century: in July 2008, when the international financial market crisis had begun to escalate. In July 2008, the inflation rate was the same at 4.1 per cent as in October this year.

In September this year, the inflation rate in the euro area was 3.4 per cent.

Central banks closely monitored core inflation was 2.1 per cent in October. The effect of energy and food on price changes has been removed from core inflation.

In September, core inflation was 1.9 per cent.

The news is updated.

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