It is terrifying in Europe right now.
The annual inflation rate surged to 10.7% in October, topping the market estimate of 10.2%. This is also up from the 9.9% print in September.
The monthly inflation reading swelled to 1.5% in October, up from 1.2% in the previous month.
Meanwhile, the economy is slowing down at a notable pace. The third-quarter gross domestic growth rate was just 0.2%, which also matched market forecasts.
Will Europe come back from the abyss? At this rate, it is challenging to see the eurozone enjoying a revival anytime soon.
What’s worse is that winter is on the horizon, so consumers will be bracing for skyrocketing inflation on every front, including heating their homes.
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