Energy prices send eurozone inflation to 13-year high

Eurozone consumer prices rose at their fastest pace since 2008 in September as energy costs skyrocketed, official data showed on Friday.

Eurostat, the EU’s official statistics agency, said eurozone inflation reached 3.4 percent on an annualised basis, with energy prices increasing by 17.4 percent.

The rise in costs was far above the 2.0 percent target at the European Central Bank and will raise pressure on EU governments to take measures to ease the energy cost burden.

ECB President Christine Lagarde insists that high inflation remains a temporary phenomenon linked to the coronavirus pandemic that has upset supply chains and disrupted the energy market.– AFP