Eurozone inflation jumps to record high as economic growth slows

Annual inflation rate of 10.7%

Inflation in the eurozone soared to a fresh record high of 10.7% in October, pushing the European Central Bank to maintain pressure on interest rates despite a slowdown in economic growth in the bloc.

Consumer price growth in the eurozone grew from 9.9% in September, which was then the highest level on record.  It also exceeded the 9.8% forecast by Reuters' poll of economists and the 10.3% median estimate in a Bloomberg survey. October was the twelfth consecutive month eurozone inflation reached a record high, surpassing the ECB's target rate of 2% by more than five times. European economies tread water above recession In contrast, third-quarter output dropped to 0.2% from the prior three months, which was more than analysts had predicted, but significantly less than the 0.8%...