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Inflation hits new record in Europe, slowing economy

By DAVID McHUGH - Oct 31, 2022, 06:06 AM ET
Last Updated - Jun 23, 2023, 11:23 PM EDT
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Annual inflation reaches10.7% in October punishing the European economy

FRANKFURT, Germany (AP) — Inflation hit a new record in the 19 countries that use the euro currency, fueled by out-of-control prices for natural gas and electricity due to Russia's war in Ukraine. Economic growth also slowed ahead of what economists fear is a looming recession, largely as a result of those higher prices sapping Europeans' ability to spend.  

Annual inflation reached 10.7% in October, the European Union's statistics agency, Eurostat, reported Monday. That is up from 9.9% in October and the highest since statistics began to be compiled for the eurozone in 1997.  

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Natural gas prices skyrocketed in the wake of the invasion of Ukraine as Russia throttled back pipeline supplies to a trickle of what they were before the war. Europe has had to resort to expensive shipments of liquefied gas that come by ship from the U.S. and Qatar to keep generating electricity and heating homes.  

While liquid gas succeeded in filling storage for the winter, the higher prices have made some industrial products such as steel or fertilizer expensive or simply unprofitable to make. Consumer spending power has been drained at shops and elsewhere as more income goes to pay for fuel and utility bills.  

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