Inflation hits new record high of 10.7% in Europe, slowing economy
India TV NewsHighlights Natural gas prices skyrocketed in the wake Russia's invasion of Ukraine A survey of professional forecasts showed expectations for inflation next year rose to 5.8 per cent The economy had showed growth of 0.2 per cent in the July-September quarter Inflation hit a new record in the 19 countries that use the euro currency, fuelled by out-of-control prices for natural gas and electricity due to Russia's war in Ukraine. A survey of professional forecasts last week by the European Central Bank showed expectations for inflation next year rose to 5.8 per cent from 3.6 per cent predicted three months ago. Eurostat figures showed prices for food, alcohol and tobacco have increasingly joined energy prices as a major contributor, rising 13.1 per cent, while energy prices rose an astronomical 41.9 per cent. The economy, which had been rebounding from the COVID-19 pandemic, showed growth of 0.2 per cent in the July-September quarter, slowing from 0.8 per cent in the second quarter.