The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.9 per cent. A huge increase of 41.9 per cent has caused the inflation to jump, said Eurostat. The European Central Bank has already warned last week that a recession is looming. It had announced a jumbo interest rate hike in order to attempt to curb inflation.

Russia's war on Ukraine has also made matters worse. Russia is one of the major gas supplier to Europe. In the wake of Ukraine war, Russia has drastically cut gas supplies to Europe as a result of which the continent is facing energy crisis. There are fears of power shortages just as winter approaches.

Watch | US Midterms 2022: Inflation tops voter concern, residents struggle to pay bills

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The third quarter figure was marginally better than expected after economic powerhouse Germany bettered forecasts with 0.3 percent growth.&nbsp;

Among other key economies, France and Spain were at 0.2 percent and Italy on Monday announced growth of 0.5 percent.&nbsp;

Eurostat said that overall Eurozone increased by 2.1 per cent as compared to same quarter last year.

Also Read | <a href="https://www.wionews.com/world/eu-thinking-of-more-sanctions-against-iran-over-excessive-crackdown-says-scholz-529994">EU thinking of more sanctions against Iran over 'excessive' crackdown, says Scholz</a>

But despite the mildly better-than-expected news, analysts warned that a recession appeared to be on its way regardless.

"It is a matter of how deep the recession will be and not if there will be one," Oxford Economics said in an analyst note. &nbsp;

"Therefore, while Q3 was more resilient than expected a recession over the winter in eurozone is imminent."

(With inputs from agencies)

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The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.

The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.9 per cent. A huge increase of 41.9 per cent has caused the inflation to jump, said Eurostat. The European Central Bank has already warned last week that a recession is looming. It had announced a jumbo interest rate hike in order to attempt to curb inflation. Russia's war on Ukraine has also made matters worse. Russia is one of the major gas supplier to Europe. In the wake of Ukraine war, Russia has drastically cut gas supplies to Europe as a result of which the continent is facing energy crisis. There are fears of power shortages just as winter approaches. Watch | US Midterms 2022: Inflation tops voter concern, residents struggle to pay bills × The third quarter figure was marginally better than expected after economic powerhouse Germany bettered forecasts with 0.3 percent growth. Among other key economies, France and Spain were at 0.2 percent and Italy on Monday announced growth of 0.5 percent. Eurostat said that overall Eurozone increased by 2.1 per cent as compared to same quarter last year. Also Read | EU thinking of more sanctions against Iran over 'excessive' crackdown, says Scholz But despite the mildly better-than-expected news, analysts warned that a recession appeared to be on its way regardless. "It is a matter of how deep the recession will be and not if there will be one," Oxford Economics said in an analyst note. "Therefore, while Q3 was more resilient than expected a recession over the winter in eurozone is imminent." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Eurozone inflation hits a new record high, says Eurostat

In an unpredictable world where geopolitical headwinds are rattling Europe and inflation is on the rise, Croatia is hoping that its impending move to the euro would provide some measure of safety for the Balkan nation.

To join the eurozone as the 20th member, Croatia will say goodbye to its currency, the kuna, on January 1.

The former Yugoslav Republic, which joined the <a href="https://www.wionews.com/world/us-set-to-put-united-nations-focus-on-iran-protests-next-week-529304">European Union</a> almost ten years ago, reported an annual inflation rate of about 13 per cent in September, compared to 10 per cent in the eurozone.

Also read |&nbsp;<a href="https://www.wionews.com/world/russian-assets-worth-17-bn-euros-frozen-by-eu-says-official-529442">Russian assets worth 17 bn euros frozen by EU, may be given to Ukraine for rebuilding: Official</a>

Authorities have often emphasised the benefits of adopting the euro for the nation's 3.9 million residents in the run-up to the switchover.

"The euro brings resilience," Ana Sabic of the Croatian National Bank told AFP, arguing that Zagreb will, if needed, have access to more favourable borrowing conditions amid economic hard times.

The European Central Bank has been implementing a monetary tightening strategy since July in an effort to tame the inflation that has exploded due to skyrocketing oil and food costs brought on by <a href="https://www.wionews.com/world/the-task-set-by-you-has-been-completed-russia-ends-mobilisation-for-ukraine-zelensky-expresses-doubt-529302">Russia's war</a> in Ukraine.

Analysts continue to claim that eastern European EU nations like Poland and Hungary, whose currencies are not pegged to the euro, have been significantly more susceptible to rising inflation.

(With inputs from agencies)

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In an unpredictable world where geopolitical headwinds are rattling Europe and inflation is on the rise, Croatia is hoping that its impending move to the euro would provide some measure of safety for the Balkan nation.

In an unpredictable world where geopolitical headwinds are rattling Europe and inflation is on the rise, Croatia is hoping that its impending move to the euro would provide some measure of safety for the Balkan nation. To join the eurozone as the 20th member, Croatia will say goodbye to its currency, the kuna, on January 1. The former Yugoslav Republic, which joined the European Union almost ten years ago, reported an annual inflation rate of about 13 per cent in September, compared to 10 per cent in the eurozone. Also read | Russian assets worth 17 bn euros frozen by EU, may be given to Ukraine for rebuilding: Official Authorities have often emphasised the benefits of adopting the euro for the nation's 3.9 million residents in the run-up to the switchover. "The euro brings resilience," Ana Sabic of the Croatian National Bank told AFP, arguing that Zagreb will, if needed, have access to more favourable borrowing conditions amid economic hard times. The European Central Bank has been implementing a monetary tightening strategy since July in an effort to tame the inflation that has exploded due to skyrocketing oil and food costs brought on by Russia's war in Ukraine. Analysts continue to claim that eastern European EU nations like Poland and Hungary, whose currencies are not pegged to the euro, have been significantly more susceptible to rising inflation. (With inputs from agencies) WATCH WION LIVE HERE:

Croatia gears up for Euro switch amid soaring inflation

It is less than two weeks ahead of midterm elections in the United States. Voters are sounding off about their issues ahead of the polls and the country's number one issue is inflation, our correspondent Susan Tehrani decodes further from New York.

US Midterm Elections: Residents struggle to pay bills, financial hardship grips citizens

Less than two weeks ahead of the midterm elections in the United States, voters are telling their about their issues - number one being inflation. Watch the video to know more about the issue through the voters.

US Midterms 2022: Inflation tops voter concern, residents struggle to pay bills

The International Monetary Fund (IMF) cut Asia’s economic forecasts on Friday as global monetary tightening, rising inflation blamed on the war in Ukraine, and China’s sharp slowdown dampened the region’s recovery prospects.

IMF cuts Asia's economic forecasts & says China slowdown to drag on Asia growth

High inflation is leading to a shortage of a different kind in Malaysia- it is of eggs. Whatever is available in the market is usually snapped up, many are worried the situation will persist.

WION Business News | Inflation hits egg consumers in Malaysia

Inflation in Australia has surged to 32-year high, it has now lead to a possibility of more aggressive rate hikes by country's central bank.

WION business News | Australia inflation hits highest in 32 years

Barbie maker Mattel lowered its full-year profit forecast, suggesting high inflation will take a toll on the holiday shopping season.

WION Business News | Inflation hits Barbie, Fisher-Price demand

Britain's former Finance Minister Rishi Sunak is all set to take the top job of the country. The first Indian origin premier of the UK has a rocky road ahead as he inherits an economy that is possibly headed for recession.

Rishi Sunak's tenure amidst UK's economic crisis, will he tackle soaring energy bills, inflation?

High inflation is taking a toll on Europe. To reduce the pressure, some EU members want to impose a cap on the price of imported gas. But the latest summit in Brussels could not break the stalemate.

EU to provide $18 billion to Ukraine next year

EU to provide $18 billion to Ukraine next year, agrees to monitor prices

Inflation in UK has hit a new 40-year-high in September climbing to 10.1%. The biggest jump in food prices since 1980 pushed British inflation back into double digits.

42-year high food prices push inflation up in UK

European Union is grappling with an economic conundrum. According to a Eurostat report released on Wednesday, inflation hit an average of 10.9 per cent across the 27-nation bloc in September, up&nbsp;0.8 per cent from the record set in August.&nbsp;

The report by the EU's statistics office added that the annual rate of inflation in the Eurozone was 9.9 per cent in September, compared to 9.1 per cent in August.&nbsp;

<a href="https://www.wionews.com/business-economy/global-economy-live-updates-october-19-asian-shares-were-mostly-higher-but-hong-kong-stocks-drop-at-open-526612">Read more:&nbsp;Global Economy LIVE updates (October 19): EU inflation rose to 10.9% in September</a>

Notably, last month, 19 eurozone countries reported double-digit overall inflation. Meanwhile, former EU member, Britain's inflation rose to a 40-year high in September, rising above 10 per cent on soaring food prices, official data released on Wednesday revealed.&nbsp;

The September rate matched the level in July and is the highest in 40 years as a result also of sky-high energy bills.

"I understand that families across the country are struggling with rising prices and higher energy bills," Britain's new finance minister Jeremy Hunt said in a separate statement.

<a href="https://www.wionews.com/world/uk-inflation-accelerates-to-40-year-high-amid-rising-food-prices-526733">Read more:&nbsp;UK inflation accelerates to 40-year high amid rising food prices</a>

The situation in the continent has been exacerbated by the eight-month-long Russia-Ukraine war. Moscow has stopped the supply of natural gas through its Nord Stream pipeline and the immediate effect has been the jacked-up fuel prices.

With the winter season fast approaching and utility bills soaring, inflation has gone up manifolds. Most of the countries across Europe do not have energy reserves that can last them the entire season.&nbsp;

Thus, inflation is expected to rapidly climb in the coming weeks. The banks have been increasing interest rates to arrest the slide but so far, it has had little to no influence on the ground.&nbsp;

The EU leaders on Tuesday convened and proposed a $39.2 billion package to aid small and medium-sized firms battling the energy crisis. However, it ought to be an entirely different conversation if the proposal receives the nod of all 27 countries.&nbsp;

(With inputs from agencies) 
 
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European Union is grappling with an economic conundrum. According to a Eurostat report released on Wednesday, inflation hit an average of 10.9 per cent across the 27-nation bloc in September, up 0.

European Union is grappling with an economic conundrum. According to a Eurostat report released on Wednesday, inflation hit an average of 10.9 per cent across the 27-nation bloc in September, up 0.8 per cent from the record set in August. The report by the EU's statistics office added that the annual rate of inflation in the Eurozone was 9.9 per cent in September, compared to 9.1 per cent in August. Read more: Global Economy LIVE updates (October 19): EU inflation rose to 10.9% in September Notably, last month, 19 eurozone countries reported double-digit overall inflation. Meanwhile, former EU member, Britain's inflation rose to a 40-year high in September, rising above 10 per cent on soaring food prices, official data released on Wednesday revealed. The September rate matched the level in July and is the highest in 40 years as a result also of sky-high energy bills. "I understand that families across the country are struggling with rising prices and higher energy bills," Britain's new finance minister Jeremy Hunt said in a separate statement. Read more: UK inflation accelerates to 40-year high amid rising food prices The situation in the continent has been exacerbated by the eight-month-long Russia-Ukraine war. Moscow has stopped the supply of natural gas through its Nord Stream pipeline and the immediate effect has been the jacked-up fuel prices. With the winter season fast approaching and utility bills soaring, inflation has gone up manifolds. Most of the countries across Europe do not have energy reserves that can last them the entire season. Thus, inflation is expected to rapidly climb in the coming weeks. The banks have been increasing interest rates to arrest the slide but so far, it has had little to no influence on the ground. The EU leaders on Tuesday convened and proposed a $39.2 billion package to aid small and medium-sized firms battling the energy crisis. However, it ought to be an entirely different conversation if the proposal receives the nod of all 27 countries. (With inputs from agencies) WATCH WION LIVE HERE:

European Union's inflation average hits 10.9% in September

There is no respite for Britons from the cost of living crisis. The new data from Statistics Office shows that United Kingdom is heading back to record level of inflation.

UK inflation accelerates to 40-year-high

France is bracing for a nationwide transport strike as the country's government and the unions remain in a deadlock over fuel shortages in the country. The French trade unions are also asking for higher salaries amid decades-high inflation.

France: Leading trade unions call for strikes amidst soaring inflation

The war in Ukraine has slowed down the world's economy, inflation is on the rise globally, the cost of living crisis is biting people everywhere but in India there's something opposite at play. There has been an uptick in sales over the last few weeks as the big festive season is here.

From cars to homes, spending in India booms as other countries battle rising inflation

Thousands of protesters have piled into the streets of Paris in a show of anger against the rising inflation, fuel shortages and climate inaction.

Protesters in Paris march against rising cost of living and climate crisis

A key US inflation measure due Thursday is set to return to a four-decade high, underscoring broad and elevated price pressures that are pushing the Federal Reserve toward yet another large interest-rate hike next month.

World Business Watch: Core US inflation rises to 40-year high, Fed expected to extend rate hikes

Core US inflation rises to 40-year high, Fed expected to extend rate hikes

The number of homeless people in Portugal are on the rise. The impact of Ukraine conflict has contributed to food price inflation. Rising level costs are exacerbating this problem further.

Portugal: Inflation hits 30-year high, food prices soar on account of Ukraine conflict

Residence in Argentina is struggling to survive. Inflation is set to hit hundred percent this year and it is the residence that is bearing the brunt.

Argentina Economic Crisis: Residents search through garbage piles for food and clothes

China's inflation rate has picked up pace in the month of September with consumer prices rising at their fastest rate in over two years. The rise in consumer inflation comes on the back of the spiking pork prices as the extreme weather has hit the farmers in the country.

China inflation rate climbs at quickest pace in two years

Rising inflation is a global phenomenon and the pinch pf the inflationary surge hasn't been felt by the people in the emerging markets and the developing world but also by those who live in the high income nations.

Will inflation continue to stay high globally?

Rising inflation is a global phenomenon and the pinch pf the inflationary surge has not been felt by the people in the emerging markets and the developing world but also by those who live in the high income nations.

World Business Watch: Inflation accelerates across the world

Japanese manufacturer' business mood worsened in the three months to September and corporate inflation expectations hit a record high, as stubbornly high material costs clouded the outlook for the fragile economy.

World Business Watch: Japan's business mood worsens in Q3 as costs cloud outlook

Rising prices bring another pinch to Japanese households. According to a research firm, prices for near 6700 food and beverage products will be hiked in October as Japan deals with a weakening currency.

Inflation in Japan: Unprecedented rise in cost of food & beverages

The Reserve Bank of India hiked interest rates by 50 basis points, signalling its intent to tame inflation and defend the rupee. What does this decision mean for you? Does the dip in foreign markets make it a lucrative investment opportunity? Priyanka Sharma tells you.

Gravitas | RBI hikes lending rate by 50 bps: What does it mean for you?

Singapore has tightened housing loan rates to control spiraling prices. Government believes this will help in moderating demand at a time when inflation is making life tough for common citizens.

Singapore tightens housing loan rates; property becoming unaffordable for citizens

In line with the steps taken by major global central banks, India's RBI is now hiking key lending rates by 0.5 percent and this move can result in higher installments of loan consumers in India.

WION Business News | Battle on inflation continues: India 's key policy rate hiked by 0.5%

UK PM Liz Truss has now broken silence on the mini budget that her government has unveiled. Truss has defended her decision to cut taxes. She said, "the tax cuts and energy support plan will get the economy moving and will deal with inflation."

UK PM Liz Truss defends tax cuts, mini budget

The Reserve Bank of India announced on Friday that it will be raising its benchmark repo rate by 50 basis points to 5.90 per cent in order to combat the growing inflation. This was the fourth time that the rates were increased since May mirroring the steps taken by major banks all around the world.&nbsp;&nbsp;

In August, the retail inflation rate of India jumped to 7 per cent from 6.7 per cent in July. &nbsp;The Indian Rupee has also taken quite a hit as it breached the 81-mark against the United States dollar.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/death-toll-remains-uncertain-as-hurricane-ian-causes-devastation-in-florida-521070" hreflang="en">At least 12 dead as Hurricane Ian causes massive devastation in Florida</a>

“The global economy is in the eye of the storm, but India has withstood shocks over the last two years,” the RBI governor said. Inflation is hovering around 7 percent and is expected to remain around 6 per cent in the second half of the year. “Inflation rates remain elevated food items,” RBI Governor Shaktikanta Das said.&nbsp;

"The GDP grew by 13.5 per cent year-on-year in the first quarter," he added according to Reuters.&nbsp;

In the past week, several international banks have also increased their rates in order to stabilise the situation caused by the Ukraine-Russia conflict. The US Federal Reserve hiked its rates to a 14-year high while the Bank of England also increased its rates amid massive economic distress in the United Kingdom.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/putin-recognises-independence-of-two-ukraine-regions-521040">Putin recognises independence of Ukraine's Zaporizhzhia and Kherson regions</a>

The Gross Domestic Product (GDP) went up by 13.5 per cent in the second quarter of 2022 for India but it was still under the RBI projection of 16.2 per cent. &nbsp;

With the supply chain getting severely affected by the ongoing crisis, it remains doubtful if the GDP will be able to grow according to the RBI projection of 7.2 per cent for the entire year.&nbsp;

(With inputs from agencies)

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The Reserve Bank of India announced on Friday that it will be raising its benchmark repo rate by 50 basis points to 5.90 per cent in order to combat the growing inflation.

The Reserve Bank of India announced on Friday that it will be raising its benchmark repo rate by 50 basis points to 5.90 per cent in order to combat the growing inflation. This was the fourth time that the rates were increased since May mirroring the steps taken by major banks all around the world. In August, the retail inflation rate of India jumped to 7 per cent from 6.7 per cent in July. The Indian Rupee has also taken quite a hit as it breached the 81-mark against the United States dollar. Also read | At least 12 dead as Hurricane Ian causes massive devastation in Florida “The global economy is in the eye of the storm, but India has withstood shocks over the last two years,” the RBI governor said. Inflation is hovering around 7 percent and is expected to remain around 6 per cent in the second half of the year. “Inflation rates remain elevated food items,” RBI Governor Shaktikanta Das said. "The GDP grew by 13.5 per cent year-on-year in the first quarter," he added according to Reuters. In the past week, several international banks have also increased their rates in order to stabilise the situation caused by the Ukraine-Russia conflict. The US Federal Reserve hiked its rates to a 14-year high while the Bank of England also increased its rates amid massive economic distress in the United Kingdom. Also read | Putin recognises independence of Ukraine's Zaporizhzhia and Kherson regions The Gross Domestic Product (GDP) went up by 13.5 per cent in the second quarter of 2022 for India but it was still under the RBI projection of 16.2 per cent. With the supply chain getting severely affected by the ongoing crisis, it remains doubtful if the GDP will be able to grow according to the RBI projection of 7.2 per cent for the entire year. (With inputs from agencies)

RBI hikes benchmark repo rate by 50 basis points to a three-year high of 5.9 per cent

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