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Eurozone inflation rises to three-year high of 3.8 percent

Eurozone inflation accelerated to 3.8 percent in September, the highest level in the past three years. This is according to a flash estimate released on Friday by Eurostat, the statistical office of the European Union headquartered in Luxembourg. ihned.cz ↗

Year-on-year growth in consumer prices rose from 3.2 percent in August. The result exceeded economists' expectations, who had predicted inflation would accelerate to 3.7 percent. The data applies to all 21 countries using the common European currency. teraz.sk ↗

The main reason for September's increase was energy. Energy prices rose by nearly 19 percent year-on-year. The sharp rise in energy prices is linked to the conflict in the Middle East and its impact on oil prices and other energy commodities. Higher costs are gradually being passed on to prices paid by consumers. hnonline.sk ↗

The significant acceleration in inflation is increasing pressure on the European Central Bank. Price developments could influence its future decisions on monetary policy and interest rates. However, the current figures represent only a preliminary estimate from Eurostat. n-tv ↗

Eurostat may still revise the final data on September inflation. Further developments will depend mainly on energy prices and how long their rise caused by the situation in the Middle East continues.

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