Inflation hits new record in Europe, slowing economy
Summary by Ground News
Consumer price growth in the 19 countries sharing the euro accelerated to 10.7% in October from 9.9% a month earlier. Energy prices continued to drive inflation but food and imported industrial goods all pushed prices sharply higher. Economic growth also slowed ahead of what economists fear is a looming recession, largely as a result of those higher prices sapping Europeans' ability to spend. The ECB has raised rates a combined 200 basis points in the past three months and promised further tightening as soon as December.Published 3 months ago · Frankfurt, Germany
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