▲ A gas station in Miami
Inflation in the eurozone (the 21 countries using the euro) surged to a three-year high last month, driven by soaring energy prices.
According to Eurostat, the European Union's statistical office, on the 2nd local time, the eurozone's consumer price index for September was provisionally estimated to have risen 3.8% from a year earlier.
This marks the largest increase in three years since September 2023 (4.3%).
The growth rate widened significantly compared to 3.2% in August, and slightly exceeded the 3.7% forecast by experts compiled by Bloomberg.
Energy prices jumped 18.8% year-on-year, pulling up the overall inflation rate.
As the Middle East war, which has continued for over half a year, and the prolonged blockade of the Strait of Hormuz persisted, the rate easily surpassed the previous month's increase of 14.3%.
Service sector inflation also rose 3.2%, expanding from the previous month's 3.0%, while core inflation—which excludes volatile items such as energy, food, and alcohol—also edged up slightly from 2.4% in August to 2.5% last month.
As inflation continues to significantly exceed the 2% target, the possibility of the European Central Bank (ECB) implementing additional interest rate hikes at its monetary policy meeting this month is growing, AFP reported.
To curb soaring inflation, the ECB raised interest rates in June for the first time since 2023, followed by another rate hike last month.
(Photo: AP, Yonhap News)
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