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Energy prices, supply chain issues push eurozone inflation to 13-year high

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Energy prices, supply chain issues push eurozone inflation to 13-year high
The eurozone said headline inflation rose to 4.1% for October, according to preliminary figures from Eurostat -- a level not seen since mid-2008. File Photo by Hugo Philpott/UPI | License Photo

Oct. 29 (UPI) -- Inflation in the eurozone -- 19 member states of the European Union that use the euro -- has reached a 13-year high this month, the bloc said on Friday.

The eurozone said headline inflation rose to 4.1% for October, according to preliminary figures from Eurostat -- a level not seen since mid-2008.

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Most analysts expected eurozone inflation for the month to be around 3.7%. In September, it was at 3.4%.

Rising energy costs contributed most to the increase, as energy elements increased by 23% in October.

Officials also said the combined economies for eurozone nations increased by 2.2% for the month, the quickest monthly rise in more than a year.

European Central Bank President Christine Lagarde has said she's confident that inflation will fall below the 2% target by next year. Many analysts, however, forecast that supply chain difficulties and issues with materials and labor could make that difficult.

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