Eurozone inflation has hit a record high this month as price growth in the 19 countries sharing the euro accelerated to 10.0 per cent in September from 9.1 per cent a month earlier, data from Eurostat showed on Friday.
Aljazeera says the figures a day earlier had shown inflation in Germany, the bloc’s biggest economy, jumping to its highest rate since the time of the Korean War 70 years ago.
Inflation was still driven mainly by volatile energy and food prices but continued to broaden out, with virtually all categories, from services to industrial goods, now showing painfully high readings.
Excluding food and fuel prices, inflation jumped to 6.1 per cent from 5.5 per cent while an even narrower measure, which also excludes alcohol and tobacco, rose to 4.8 per cent from 4.3 per cent.
While the European Central Bank (ECB’s) next rate meeting is still almost a month away, a host of policymakers have already made the case for another 75 basis point rate hike after a combined 125 basis points of moves in two meetings, the ECB’s fastest pace of policy tightening on record.
Quadri Adejumo covers World News, Health, Climate & Humanitarian.
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