The annual rate of consumer price inflation in the Eurozone has increased to 10.7 percent in October 2022, and it highlights the challenges faced by the European Central Bank after the bank signalled a slowdown in the speed of its rate increases.
The measure of consumer prices has increased sharply since the invasion of Ukraine by Russia, and the decision by Russia to stop natural gas supplies to Europe. As a result of the pressures, inflation in the European region has overtaken the level of inflation in the United States.
Inflation is increasing the demand for high pay in the most affected nations, which could feed into price increases in the future. According to the European Union’s statistics agency, it is the fastest rate of increase since records began in 1997.
The economists are also expecting to see an increase in inflation in the future, but not as large as reported in Europe. The annual rate of inflation of Italy increased to 12.8 percent from 9.4 percent in September 2022, while inflation rate of Germany has been increased to 11.6 percent to 10.9 percent, as measured by Eurostat.
This jump in inflation highlights the challenges faced by the European Central Bank (ECB) policy makers as they expect a recession in the Eurozone.
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