Euro Zone Inflation rises to 4.1% for October, Hitting New 13-year High

Euro zone inflation hit a new 13-year high in October based on surging energy costs.

Euro zone inflation on Oct. 29, 2021 came in at 4.1% for this month, according to preliminary data from Europe’s statistics office Eurostat, according to CNBC.

This was the highest level since July 2008, according to Reuters data, and was ahead of a consensus forecast of 3.7%. September’s figure had come in at 3.4%.

The rise has been driven higher by surging energy prices, deepening concern among policymakers. The energy component to the inflation data was up 23% year-on-year, by far the biggest contributor.

Third-quarter data out Friday also showed that GDP for the Euro Zone grew 2.2% compared to the previous period, its fastest pace in a year. U.S. GDP grew at 2.0% in the third quarter based on initial reports.