The annual inflation rate in the EU accelerated in October, exceeding 11 percent, the European statistical office (Eurostat) reported on Thursday, at the same time slightly lowering the estimate of consumer price growth in the euro area.

The annual inflation rate in the EU, measured by the Harmonized Index of Consumer Prices (HICP), reached 11.5% in October, the new highest level since the Eurostat began publishing data. In September, it was 10.9% and in October last year, it was 4.4%. In the euro area, it increased from 9.9% in September to 10.6% in October.

“The euro area annual inflation rate was 10.6% in October 2022, up from 9.9% in September. A year earlier, the rate was 4.1%. European Union annual inflation was 11.5% in October 2022, up from 10.9% in September. A year earlier, the rate was 4.4%. These figures are published by Eurostat, the statistical office of the European Union,” Eurostat reported.

“The lowest annual rates were registered in France (7.1%), Spain (7.3%) and Malta (7.4%). The highest annual rates were recorded in Estonia (22.5%), Lithuania (22.1%) and Hungary (21.9%). Compared with September, annual inflation fell in eleven Member States, remained stable in three and rose in thirteen.”

In October, the highest contribution to the annual euro area inflation rate came from energy (+4.44 percentage points, pp), followed by food, alcohol & tobacco (+2.74 pp), services (+1.82 pp) and non-energy industrial goods (+1.62 pp).

In addition to energy prices which increased faster than in September when they increased by 40.7%, the main driver of inflation was the increased price of fresh food (+15.5%) year on year. In September, it increased by 12.4%.

On a monthly level, price growth accelerated in October in both the EU and the euro area from 1.2%  in September to 1.4% and 1.5% respectively. Compared to September, the inflation rate increased in 13 member states and fell in 11. In 3 member states, it remained the same as in September.

The highest annual rates were recorded in Estonia (22.5%), Lithuania (22.1%) and Hungary (21.9%). In Croatia, the annual inflation rate was 12.7% in October and was 0.1 percentage points higher than in September. In October last year, it was 3.9%.

Italy, the third largest economy and an important trade partner, came closest to Croatia in terms of inflation rate in October, where it was 12.6%. In Germany, the largest European economy and also an important trading partner of Croatia, it was 11.6%.

The lowest annual rates were registered in France (7.1%), Spain (7.3%) and Malta (7.4%).