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Eurozone reaches double-digit inflation in September

Inflation in the eurozone reached 10 percent in September, setting a new record, according to preliminary data released by Eurostat on Friday.

Inflation in the 19-country euro area reached 10 percent in September, up from 9.1 percent in August.

Energy, which prices have increased by 40.8 percent in comparison to the same month last year, have mostly contributed to this upward trend. Food, alcohol and tobacco have increased by almost 12 percent.

The double-digit inflation adds pressure to the European Central Bank as the eurozone is sliding into recession, with the continent particularly vulnerable to the fallout from the war in Ukraine, and while business and consumer confidence in the EU and euro area fell sharply in September.

Estonia, Lithuania and Latvia all registered inflation rates above 22 percent, while inflation in the Netherlands was 17.1 percent.

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