The rise of consumer prices in the euro area accelerated to nearly six-year high

In October, the pace of the rise in consumer prices in the euro area accelerated close to the six-year high and exceeded the European Central Bank’s target of close to 2 percent.

According to preliminary data released by the European Union’s Statistical Office (Eurostat) on Wednesday, in line with analysts’ expectations, consumer prices rose by 2.2 percent in October in annual comparison. In September, consumer prices increased by 2.1 percent, so this inflation rate was around the ECB’s target figure for the fifth consecutive month. (MTI)