Eurozone inflation climbed to new record high of 10.7% in October

Inflation in the eurozone is expected to have reached a new record high of 10.7% in October.

If confirmed later in November by Eurostat, the bloc’s official statistics agency, this would be the first inflation reading crossing the 10% threshold.

The increase was fuelled by energy prices which Eurostat estimates were 41.9% higher than in the same month last year. Prices for food, alcohol and tobacco are meanwhile believed to have risen by 13.1% year-on-year.