The inflation rate in the European continent recorded an increase of 10.7% during the month of October, after it reached 9.9% in September.
According to Arabiya Net, the inflation rate has again exceeded previous expectations to reach a record high level, and the European Central Bank is expected to impose additional interest rate increases while price pressures appear to be increasing.
Consumer price growth accelerated in the 19 countries that use the euro, beating analysts' expectations in a Reuters poll of 10.2%, with inflation in Germany, Italy and France rising more than expected, according to data published by the European Union statistics office (Eurostat) on Monday.
Energy prices continued to stimulate inflation, but imported foodstuffs and industrial goods pushed prices up sharply while the services sector played a marginal role this time.
The European Central Bank has raised interest rates by a total of 200 basis points in the past three months and promised more tightening in December. But markets are beginning to expect a slowdown in the rate of interest rate hikes with a looming recession and gas prices falling from record highs.
However, policy makers are likely to be concerned that core inflation continues to accelerate, signaling mounting price pressures and raising the risk that high inflation will take hold.
