Europe's inflation saw an increase of 10.7% in October due to high gas and electricity prices

Posted on November 7, 2022   |  

• In October, annual inflation reached 10.7%, which is an increase of 9.9% from September and the highest since statistics began to be compiled for the eurozone in 1997.
• While the high liquid prices made some industrial products such as steel or fertilizer expensive or unprofitable to make. 
• The prices for food, alcohol, and tobacco joined energy prices as a major contributor, by growing 13.1%, while energy prices grew by 41.9%.
• In October, China’s factory activity unexpectedly fell due to low global demand and strict domestic Covid-19 curbs, hitting production, travel, and shipping in the world's second-largest economy.