Eurozone Inflation Hits Record High of 10.7% as Growth Stalls

Inflation in the Eurozone exceeded 10% in October, bringing even more pressure to be placed on the European Central Bank as it struggles to contain the region’s soaring cost of living crisis.

Annual inflation in Europe was 10.7% year-over-year in October, up from 9.9% in September, according to preliminary data released on Monday by the region’s statistics office. Since the formation of the Eurozone, this is the highest monthly reading ever recorded.

Over the past year, the 19-nation bloc has experienced continually increasing prices across the board, and most noticeably for food and energy. And since Russia invaded Ukraine in late February, those rises have accelerated.