Europe: According to EUROSTAT, the European Union's (EU) statistics agency, eurozone inflation hit a new high this month, reaching the highest level since 2008, as energy prices continued to rise.

According to reports, the EU's inflation rate increased to 4.1 percent in the year through October, up from 3.4 percent in September. The 4.1 percent increase is more than double the European Central Bank's (ECB) target, according to the agency, as energy prices increased by 23.5 percent in September.

As the global economy recovers from the coronavirus pandemic, inflation in the 19 eurozone countries has risen sharply in recent months. The most significant impact on prices has been the rising cost of energy, which has increased utility bills and jeopardised economic recovery. Earlier this month, the European Commission released a toolkit to assist EU member states in assisting affected consumers and businesses.

Seasonally adjusted gross domestic product increased by 3.7 percent in the eurozone and 3.9 percent in the EU in the third quarter of 2021, compared to the same quarter the previous year. Austria had the largest quarter-on-quarter increase of 3.3 percent among the member states for which data is available for the third quarter of 2021, followed by France (3.0 percent), and Portugal (3.0 percent). (2.9 per cent).

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