Inflation in the Eurozone Hits 10.7 Percent as Growth Sharply Declines
Eurozone inflation rose above 10 percent this month as economies across the 19-nation bloc begin to slow.
Rising prices throughout the continent have put immense pressure on countries throughout the region. Preliminary data from the European Union’s statistics agency showed inflation hitting an annual rate of 10.7 percent for October, for the highest monthly reading since the creation of the eurozone.
The European Central Bank (ECB), like its counterpart the U.S. Federal Reserve, has been working to control inflation by raising interest rates.
The chance of a recession in the eurozone has increased as higher interest rates slow the economy down even more….