Eurozone Inflation Reaches Record 10.7% in October
In October, inflation reached a record 10.7% in the Eurozone, per statistical figures coming from Eurostat that were published on October 31, 2022.
“Euro area annual inflation is expected to be 10.7% in October 2022, up from 9.9% in September,” the report stated.
The report added, “Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in October (41.9%, compared with 40.7% in September), followed by food, alcohol & tobacco (13.1%, compared with 11.8% in September), non-energy industrial goods (6.0%, compared with 5.5% in September) and services (4.4%, compared with 4.3% in September).”
Russian state media outlet TAAS noted that the euro area includes “Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia, and Finland.”
Europe is clearly seeing its sanctions war against Russia backfire. Add in its overly-regulated economy and its fanatic embrace of green energy policies, Europe is clearly on the path to economic malaise.
One of the biggest winners in the Russo-Ukrainian conflict is the US, given the economic stranglehold it will have over Europe now that many of these countries will have to rely more on expensive American liquified natural gas for their energy needs.
If Europe wants to actually remain sovereign and prosperous, it needs to chart its own path and stop blindly following the dictates coming out of London and Washington, DC.