Money is handed over a fruit and vegetable counter at a weekly market.
(Photo: dpa)
Frankfurt The inflation rate in the euro area continued to rise in October. Consumer prices increased by 10.7 percent compared to the same month last year. This was announced by the European statistical office Eurostat on Monday. Inflation was 9.9 percent in September.
The European Central Bank (ECB) is actually aiming for a value of two percent for the currency area. Inflation has continued to move away from this mark since mid-2021. This intensifies the pressure on the central bank to raise interest rates further.
Last week, the central bank raised the key interest rate by a further 0.75 percentage points to two percent. The interest rate on deposits, which is currently relevant for the financial markets, rose to 1.25 percent. ECB President Christine Lagarde also announced further rate hikes.
More: Inflation rate in Germany rises to 10.4 percent – highest level since 1951
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