Inflation hits 10% in 19 EU nations using euro, electricity prices up

Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signalling a looming winter recession for one of the globe’s major economies as higher prices undermine consumers’ spending power.

Consumer prices in the 19-country eurozone hit a record 10 per cent in September, up from 9.1 per cent in August, EU statistics agency Eurostat reported on Friday.

Only a year ago inflation was as low as 3.4 per cent.

Price increases are at their highest level since record-keeping for the euro started in 1997.

Energy prices were the main culprit, rising 40.8 per cent over a year ago. Food, alcohol and tobacco jumped 11.8 per cent.