Eurozone Inflation Surges to Three-Year High Amid Energy Price Spike

The eurozone's inflation rate has reached its highest level in three years, driven by a sharp spike in energy prices. According to Eurostat, consumer prices rose 3.8 percent year-on-year in September, surpassing the 3.2 percent recorded in August. Energy prices led the surge, climbing 18.8 percent from a year earlier.

The ongoing Middle East war and a prolonged blockade of the Strait of Hormuz have pushed costs higher. The European Central Bank has raised interest rates twice this year to combat inflation, with its most recent hike coming last month.

Core inflation, which strips out energy, food, and alcohol, ticked up from 2.4 percent to 2.5 percent in September. Food prices also rose, increasing from 1.1 percent to 1.4 percent year-over-year.