Eurozone inflation hits record high

Eurozone inflation has risen to a new high of 10.7%, exceeding forecasts that the rate would climb to 10.2%.

This comes despite the European Central Bank lifting borrowing costs by 75 basis points at two consecutive policy meetings. In July it lifted borrowing costs, which had been negative for several years, by 50 basis points. Two further increases have since taken the interest rate to 1.5%.

The data shows that inflation in Germany hit 11.6% last month, up from 10.9% in August, with France and Italy posting year-on-year price rises of 7.1% and 12.8% respectively.

Source: Sky News

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Information correct on date of publication