Eurozone Preliminary Inflation soars 10.7% YoY in October

The annualized Eurozone Harmonised Index of Consumer Prices (HICP) jumped by 10.7% in October vs. September’s 9.9%, the latest data published by Eurostat showed on Monday. The market forecast was for a 9.8% print.

The core figures climbed to 5.0% YoY in October when compared to 4.9% expectations and 4.8% recorded in September.

On a monthly basis, the old continent’s HICP accelerated to 1.5% in October vs. 0.6% expectations and 1.2% previous. The core HICP rose 0.6% this month against 1.2% expected and 1.0% seen in July.

The Euro area figures are reported a trading day after Germany’s annual inflation for October, which surged 11.6% and beat estimates following a 10.9% growth reported in September.

The bloc’s HICP figures hold significance as it helps investors assess the European Central Bank’s (ECB) monetary policy normalization course. The ECB inflation target is 2%.

The shared currency is unfazed by the mixed Eurozone inflation data, as EUR/USD is keeping the red near 0.9940, down 0.25% on the day.