According to Eurostat, the energy sector will experience the highest annual inflation rate, which is forecasted to be 41.9%; the nations of Eastern Europe will be the most impacted.
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| [Inflation in Europe October, 2022] |
According to the forecast that was provided by Eurostat, the statistics office of the European Union, on this past Monday, annual inflation in the Euro Zone should reach 10.7% for the month of October (31.Oct.2022). This is the highest rate that has ever been recorded. The complete text can be downloaded from here. The rate of inflation had reached 9.9% in September of that year.
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| [Inflation in Europe by countries] |
Energy is anticipated to have the greatest annual rate of increase among the components of inflation, with 41.9% in October compared to 40.7% in September. This represents a little increase over the previous month's projection. Following closely behind are the costs of alcoholic beverages and tobacco products, with a forecasted increase of 13.1% for the month. In addition, the closing rate for non-energy industrial items should be 6% and the closing rate for services should be 4.4%. It is anticipated that the Eastern European countries of Estonia, Latvia, and Lithuania will attain the highest rates, with respective figures of 22.4%, 21.8%, and 22%.
The European Central Bank (ECB) increased the basic interest rate on July 21st, marking the first time since 2011 that they had done so. The proportion went from being -0.5% all the way up to 0%. The hike in interest rates across Europe is helping to bring the continent's overall inflation rate under control. Germany, Belgium, Cyprus, Spain, Estonia, Ireland, Greece, France, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia, and Finland are the members that make up the Eurozone.