Euro area annual inflation is expected to be 4.1% this October, up from 3.4% in September, according to a Friday flash estimate of preliminary data from Eurostat, the European Union’s statistical office.
The data is above market expectation of 3.7% and marks the highest level since July 2008.
Energy is expected to have the highest annual rate in October with 23.5%, compared to 17.6% in September, Eurostat said.
It is followed by services with 2.1%, from 1.7% in September, and non-energy industrial goods at 2%, compared with 2.1% in September, it added.
Eurostat also said seasonally adjusted gross domestic product (GDP) rose 2.2% in the euro area and 2.1% in the EU in the third quarter of 2021, compared to the previous quarter, according to preliminary flash estimates.
GDP had grown 2.1% in the euro area and 2% in the EU during the second quarter of this year.
Annually, seasonally adjusted GDP climbed 3.7% in the euro area and by 3.9% in the EU in the third quarter of 2021, from the same period of 2020.