European consumer prices hit highest level in over 13 years

By PAN PYLAS
Associated Press

LONDON (AP) — Consumer prices across the 19 European Union countries that use the euro currency have spiked to the highest level in over 13 years. Inflation in the 19 countries, like elsewhere in the world, has been soaring amid rising energy prices, supply chain backups and labor shortages tied to the economic recovery from the coronavirus pandemic. The European Union’s statistics agency said Friday that consumer prices rose to 4.1% in the year through October. That’s up from September’s equivalent rate of 3.4% and is the highest increase since July 2008. The agency also said eurozone growth rose by 2.2% in the third quarter, a tad higher from the previous quarter’s 2.1%.