European Union: Highest ever monthly inflation rate in euro zone/food, alcohol, and tobacco prices up by 13.1%

Europe’s statistics office reportedly found that inflation reached an annual 10.7% during October 2022, the highest ever monthly reading since the formation of the euro zone.

Energy costs rose from 40.7% in September to 41.9% in October, and food, alcohol, and tobacco prices ­­­rose from 11.8% in September to 13.1% in October.

European Central Bank President Christine Lagarde said the likelihood of a recession in the euro zone had intensified.