Eurozone inflation surges on energy costs
The inflation rate in the Eurozone rose to 3.8% in September, surpassing the forecast of 3.6%. This increase was driven mainly by a significant rise in energy prices, including fuel and natural gas, which jumped by 18.8% year-over-year. Data also showed that core inflation increased to 2.5%, fueled by higher service prices, while food and tobacco prices rose by 1.4%. Inflation is expected to continue rising in the coming months, prompting the European Central Bank to raise interest rates to higher levels, with the possibility of one or more hikes in 2024, in an effort to curb inflation and bring it back to the 2% target.
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