Inflation hit a new record in the 19 countries that use the euro currency, fueled by out-of-control prices for natural gas and electricity due to Russia's war in Ukraine. Economic growth also slowed ahead of what economists fear is a looming recession, largely as a result of those higher prices sapping Europeans' ability to spend.
Annual inflation reached 10.7% in October, the European Union's statistics agency, Eurostat, reported Monday. That is up from 9.9% in September and the highest since statistics began to be compiled for the eurozone in 1997.
Natural gas prices for short-term purchases have eased recently but remain high on markets for coming months, suggesting that costly energy may be a persistent drag on the economy. A survey of professional forecasts last week by the European Central Bank showed expectations for inflation next year rose to 5.8% from 3.6% predicted three months ago.
Inflation figures varied widely by country, from 7.1% in France to 16.8% in the Netherlands among the biggest member economies, while the highest were in the three Baltic countries: Estonia at 22.4%, Latvia at 21.8%, and Lithuania at 22%. “However, there's no cause for celebration,” he said. “The GDP numbers, along with many other indicators, show that the economy has clearly lost steam over the summer.”
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