Eurozone inflation hits record high 10%, raising pressure on ECB

Eurozone inflation zoomed past forecasts to hit 10.0% in September, a new record high that will reinforce expectations for another jumbo interest rate hike next month from the European Central Bank.

“The September reading for inflation is ugly across the board with all broad categories experiencing accelerating inflation,” ING economist Bert Colijn said.

Excluding food and fuel prices, inflation jumped to 6.1% from 5.5% while an even narrower measure, which also excludes alcohol and tobacco, rose to 4.8% from 4.3%.

Energy prices were meanwhile up 41% compared to a year ago. Unprocessed food was up 13%.