Euro zone inflation hits 4%, highest in three years, as ECB rate hike looms
Written by AI from cnbc.com's report. Not checked by a person.
Euro zone inflation rose to 4% in October, the first time in three years it reached that level, raising expectations of an ECB rate hike.
Annual inflation in the euro zone reached 4% in October, the highest in three years, CNBC reported on 4 November. Soaring energy prices are a main driver, tied to tension around Iran and volatile oil markets, with Brent topping $110 earlier in the week before easing near $98. The figure strengthens the case for the European Central Bank to raise interest rates at its next meeting, following hikes by the Bank of England and the Bank of Canada. Households face higher bills and companies higher costs, while the Federal Reserve held rates steady in October despite US inflation. Note: no item dated exactly 7 November was available; this is among the most prominent stories of the surrounding days.
