Eurozone’s yearly inflation is projected to be 4.1% this October up from the 3.4% annual inflation in September.
As per a Friday flash estimate of preliminary data from Eurostat — the European Union’s statistical office, the data exceeds the market expectation of 3.7% as it marks the highest level since July 2008.
According to Eurostat, Energy is projected to have the highest annual rate in October with 23.5%, in comparison to 17.6% in September.
As per the preliminary flash estimates, energy is followed by services with 2.1%, from 1.7% in September, and non-energy industrial goods at 2%, compared to 2.1% in September.
Eurostat also added that seasonally adjusted gross domestic product (GDP) increased by 2.2% in the eurozone and 2.1% in the EU during the third quarter of 2021, compared to the previous quarter, as reflected by preliminary flash estimates.
GDP had risen 2.1% in the euro area and 2% in the EU in the second quarter of this year.
Annually, seasonally adjusted GDP jumped 3.7% in the euro area and by 3.9% in the EU during the third quarter of 2021, from the corresponding period of 2020.