New data on inflation, published in the media, indicated an increase in the European consumer price index of 4.9% in October compared to the previous year. This is the highest level of inflation since 2008, surpassing economists' forecasts of 4.7%.
The cost of food products and energy resources has grown by more than 6%, compared to October 2020. At the same time, the cost of other goods and services also increased by 4.4% on a year-over-year basis.
"These latest figures only confirm the fact that Europe is facing serious inflation," noted a senior economist at ING. He also added that this growth could be attributed to a redistribution of spending during the pandemic, as well as a deficit of supply in the market.
