Euro-area inflation surges to 13-year high with more to come

Price growth is driven mainly by effects related to the pandemic and the reopening of economies after long stretches of virus shutdowns

ECB President Christine Lagarde reiterated this week that she considers the current spikes to be “largely transitory".

Inflation in the euro area accelerated more than expected to the highest level in 13 years, adding fuel to a debate over how long the post-crisis spike will last.

Consumer prices rose 3.4% in September, compared with an estimate for a 3.3% gain, according to figures released by Eurostat. A measure stripping out volatile components such as food and energy climbed to 1.9%, a rate not seen since 2008.