Inflation accelerated to a near 30-year high in the euro area in October

Prices in the euro area increased

According to the final data released by the European Union’s statistical office (Eurostat) on Wednesday, consumer prices in the eurozone, which comprises 19 EU countries, rose by 4.1 percent year-on-year.

Such high inflation was last recorded in April 1992 at a higher rate of 4.2 percent in the euro area.

The primary objective of the European Central Bank (ECB) is to maintain price stability, aiming for an annual harmonized index of consumer prices of 2 percent over the medium term. (MTI)