Inflation hits new record 10.7% in Europe, slowing economy: Report

Annual inflation reached 10.7 per cent in October, the European Union's statistics agency, Eurostat, reported on Monday

Inflation hit a new record in the 19 countries that use the euro currency, fuelled by out-of-control prices for natural gas and electricity due to Russia’s war in Ukraine.

Economic growth also slowed ahead of what economists fear is a looming recession, largely as a result of those higher prices sapping Europeans’ ability to spend.

Annual inflation reached 10.7 per cent in October, the European Union’s statistics agency, Eurostat, reported