Eurozone inflation accelerated from high levels in September, reaching a record high. Compared to the same month of the previous year, consumer prices increased by 9.9 percent, according to a second estimate by the statistical office Eurostat in Luxembourg. A provisional survey was thus revised downwards by 0.1 percentage points.

The rate in September is the highest since the euro was introduced as book money in 1999. In the previous month, consumer prices rose by 9.1 percent.

Inflation was again driven by the sharp increase in energy prices, which rose by 40.7 percent compared to the same month last year. In addition, the rise in prices for unprocessed foods accelerated, increasing by 12.7 percent compared to the previous year. The prices of non-energy industrial goods and services also rose more sharply.

Highest inflation rates in Baltic States

Core inflation, which does not take into account energy, food and luxury goods prices that are particularly susceptible to fluctuations, rose from 4.3 to 4.8 percent. The three Baltic states once again had the highest inflation rates in the currency area at more than 20 percent. The annual inflation rate in Estonia was 24.1 percent.

In Germany, the inflation rate calculated according to European standards rose to 10.9 percent. At 6.2 percent, France has the lowest inflation rate in the euro zone.

The European Central Bank (ECB) is aiming for an inflation rate of 2 percent in the medium term. Due to the actually much higher inflation, the ECB has started raising interest rates after a long hesitation. Most recently, it raised its key interest rate by 0.75 percentage points to 1.25 percent in September. This was the largest interest rate hike since the introduction of the euro.

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