Eurozone inflation jumps to record-high 10.7%

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Inflation reached 10.7% across the 19 countries that use the euro currency, a 40-year high.

Economists had previously forecast that inflation would top out at about 10.2%.

The inflation figure rose from 9.9% the month before, driven by an astronomical 41.9% rise in energy costs compared to last year, EU statistics office Eurostat said. Major increases in the cost of food were also a factor, rising at 13.1%.

Economic powerhouses Germany, France, and Italy were driving price increases the most, according to Eurostat.

At the same time, the economy grew ever so slightly in the third quarter, with Germany showing 0.3% growth instead of the predicted financial contraction.