Euro Area Inflation Surges Beyond Expectations

Forex - Inflation in the Eurozone accelerated more than expected in October.

Inflation in the 20 countries sharing the euro rose from 1.7% in September to 2.0%, exceeding the 1.9% forecast. On a monthly basis, there was an increase of 0.3%.

According to Eurostat's announcement on Thursday, the closely watched figure excluding volatile food and energy prices remained steady at 2.7%, surpassing the 2.6% predictions. Core inflation increased by 0.2% on a monthly basis.

The rapid pace of inflation in the services sector, which is the largest component of the consumer price basket, and its stability at 3.9% has become a major concern.

According to a separate data released by Eurostat on Thursday, the unemployment rate held steady at an all-time low of 6.3% in September, indicating that the labor market remains tight.