By Tuba Sahin
ANKARA (AA) - The eurozone annual consumer inflation hit double digits in October, mainly due to higher costs of energy, according to flash data released by Eurostat on Monday.
Consumer prices in euro area soared 10.7% year-on-year in October, the largest rise on record, Eurostat data showed.
The inflation rate shot up from 9.9% in September 2022 and 4.1% in October 2021.
The market forecast was a 10.2% annual hike in consumer prices in the single currency zone.
Energy prices jumped 41.9% on a yearly basis in October, up from 40.7% in September while food, alcohol and tobacco prices were up 13.1% in the same period.
On a monthly basis, euro area Consumer Prices Index rose 1.5% in October.