Eurozone inflation reaches new record of 10.7%

Euro sign, Frankfurt

Inflation in the eurozone reached a new record high in October, according to official data published by Eurostat today (October 31).

The harmonised index of consumer prices increased year on year by 10.7% in October – well over the European Central Bank’s 2% target.

On October 27, the European Central Bank increased interest rates by 75 basis points for a second consecutive meeting, taking the deposit rate to 1.5%. The latest inflation reading is likely to reinforce the view of those governing

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