Eurozone inflation soars to record 10.7% in October

Inflation in the eurozone reached another record high in October, soaring to 10.7% compared to the same month last year, acording to a first estimate released by the statistics office Eurostat on Monday.
Economists had expected an inflation rate of 10.3%.
The October inflation is the highest since the introduction of the euro in 1999.
In the previous month, consumer prices had risen by 9.9%.
The eurozone's economy developed slightly better than expected in the summer, according to a further estimate released by Eurostat.
In the third quarter, the gross domestic product (GDP) of the 19 euro countries grew by 0.2% compared to the previous quarter.
Analysts had expected a small increase in economic output of 0.1% for the months July to September.
In the second quarter, GDP had increased by 0.8%, while in the third quarter, the economy in the common currency area grew by 2.1% year-on-year, Eurostat said.