• By The Financial District

EU Consumer Prices Hit Highest Level In 13 Years

Consumer prices across 19 European Union (EU) countries that use the euro have spiked to the highest level in over 13 years on the back of soaring energy prices and pent-up demand during the pandemic recovery, official figures showed late on Friday, Pan Pylas reported for the Associated Press (AP).


Photo Insert: The increase was the highest since July 2008, when inflation was also 4.1%. Inflation in the 19 countries.



Eurostat, the European Union’s statistics agency, said inflation across the bloc rose to 4.1% in the year through October, up from September’s equivalent rate of 3.4%. The increase was the highest since July 2008, when inflation was also 4.1%. Inflation in the 19 countries, like elsewhere in the world, has been spiking in recent months as the global economy rebounds from the coronavirus pandemic.



The recovery has not been normal, with businesses and consumers worldwide feeling the pinch of supply chain backups and labor shortages that have helped lead to rising prices on everything from food to toys heading into the holiday shopping season.


But the most dramatic effect on prices from lockdown restrictions easing and global demand picking up has been soaring energy costs, which have raised utility bills and threatened the economic recovery.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The latest spike in consumer prices is likely to pressure the European Central Bank to accelerate moves to end its pandemic stimulus measures, with inflation running at double its target of 2%.


Central banks usually raise interest rates and dial back stimulus efforts to combat rising prices, but they sometimes hold off if they think it’s linked to temporary factors.



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