Eurozone inflation hits a three-year high of 4% as soaring energy bills push it to TWICE the ECB's target
Unprocessed food prices rose 4.6% annually in October, a sign the energy shock that drove eurozone inflation to 4% has begun pushing up supermarket prices.Core inflation, stripping out energy and food costs, held steady at 2.5% in October, suggesting the broader price spiral has not yet taken hold despite the headline rate reaching its highest level since September 2023.
Energy prices leapt 20.8% year-on-year in October, almost single-handedly driving eurozone inflation to 4% — its highest since September 2023 — and contributing nearly half of the entire headline figure. Italy saw the sharpest national surge, with inflation jumping from 4.2% to 5.6% in a single month. Core inflation, stripping out energy and food, held steady at 2.5%, signalling that the broader price spiral has not yet taken hold.
Unprocessed food prices accelerated to 4.6% annually, a sign the energy shock is now hitting supermarket shelves.
