Eurozone Inflation Rate Hits 3.8% as Energy Prices Surge

The inflation rate in the eurozone has risen to 3.8% in September, according to preliminary estimates from Eurostat.

This represents a six-tenths increase compared to August's price advance, driven mainly by a strong rise in energy prices, which have increased by 18.8% year-on-year.

Energy prices have overtaken fresh food as the main contributor to inflation, with fresh food prices rising by 4%, up from 2.7% in the previous month.

The services sector has also seen a moderate increase in prices, up by 3.2%, while non-energy industrial goods have increased by 1.1% year-on-year, down one-tenth from August's rate of 1.2%.