Eurozone inflation accelerated further to mark a three-year high of 4.0% in October as the Middle East war fuelled a surge in energy costs, official data showed Wednesday. The figure for the 21-country euro area was up from 3.8% in September and remains well above the 2% target set by the European Central Bank (ECB). The October reading was in line with the forecast by economists for Bloomberg. Analysts said they expected another interest rate increase by the ECB this year following the data's release. "Concerns about the high level of inflation look set to prompt the ECB to raise interest rates again in December, but we suspect that will be the end of the tightening cycle," Jack Allen-Reynolds of Capital Economics said.
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