Inflation in Europe Hits Highest Level on Record

The official Eurostat numbers for September inflation in the EU are 10.9% year-on-year – up from a 10.1% rate in August. One year ago, inflation stood at 3.6%. The financial media report that this means that there will be more pressure for the European Central Bank to raise interest rates again, “even after its aggressive moves in July and September.” “Europe is facing its week of truth,” Belgian Prime Minister Alexander De Croo was quoted as saying by Deutsche Welle.