BRUSSELS (Reuters) – Eurozone inflation jumped to more than double the European Central Bank’s target in October, the European Union’s statistics agency confirmed on Wednesday, with more than half of the advance due to increase in energy prices.
Eurostat reported that inflation in the 19 countries that use the euro was 0.8% in October from the previous month, reaching 4.1% year-on-year, in line with Eurostat’s previous estimate.
The ECB wants to keep inflation at 2% over the medium term and says the price rise is temporary. The bank expects the rise in prices to decelerate during 2022, but admits it will take longer than initially expected.
Higher energy prices contributed 2.21 percentage points to the annual rate, while services added 0.86 points and food, alcohol and tobacco added 0.43 points. Industrial products excluding energy contributed 0.55 points, Eurostat said.
Without the volatile prices of energy and unprocessed food, a measure the ECB calls core inflation, prices rose 0.3% in the month and 2.1% in the year.
With inflation soaring, the ECB is under strong pressure to abandon its ultra-flexible monetary policy and tackle rising prices that are affecting household purchasing power.
(Reporting by Jan Strupczewski)
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