Euro zone inflation soars to record high of 10% for September

Christine Lagarde, European Central Bank (ECB) president addresses a news conference following the ECB’s monetary policy meeting in Frankfurt, Germany, September 8, 2022.

Kai Pfaffenbach | Reuters

Euro zone inflation hit a new record high of 10% in September, Eurostat data showed on Friday, up from 9.1% in August and above consensus projections of 9.7%.

The reading, which also showed price increases broadening out from volatile food and energy prices into nearly all segments of the 19-member bloc’s economy, will exert more pressure on the European Central Bank to hike interest rates aggressively at its October meeting.

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