Euro zone inflation in October was marginally lower than previously reported in year-on-year terms but still at a record high because of surging energy prices, final data showed from the European Union's statistics office shows today.

Eurostat confirmed that consumer inflation in the 19 countries sharing the euro rose 1.5% month-on-month in October, for a 10.6% year-on-year increase.

This marked a revision from the 10.7% annual reading reported previously.

Of the final year-on-year number, 4.44 percentage points came from soaring energy prices, which were 41.5% higher in October than a year earlier. Another 2.74 percentage points came from more expensive food, alcohol and tobacco.

Without the most volatile energy and unprocessed food components, what the European Central Bank calls core inflation, consumer prices rose 0.7% month-on-month and 6.4% year-on-year.

An even narrower measure that excludes alcohol and tobacco, whose prices often fluctuate due to changes in the excise tax, showed inflation at 0.6% on the month and 5% year-on-year.

The ECB wants to keep inflation at 2% over the medium term and has been sharply raising interest rates since July to help curb price growth.



Today's Eurostat figures show that when measured by the Harmonised Index of Consumer Prices, the rate of inflation in Ireland stood at 9.4% in October.

Earlier this month, figures from the Central Statistics Office showed that the rate of inflation here rose by 9.2% in the 12 months to October, up from an annual increase of 8.2% in the 12 months to September 2022.

Eurostat noted today that the lowest annual rates were registered in France (7.1%), Spain (7.3%) and Malta (7.4%).

The highest annual rates were recorded in Estonia (22.5%), Lithuania (22.1%) and Hungary (21.9%).

Compared with September, annual inflation fell in 11 member states, while it remained stable in three and rose in 13.