Inflation in Europe climbs to new record high of 10.7% in October

European Union's statistics agency, Eurostat, reported that annual inflation in the 19 countries that use the euro currency reached 10.7% in October amid increasing natural gas and electricity prices. This was the highest inflation rate since statistics began to be compiled for the eurozone in 1997. Eurostat figures showed prices for food, alcohol and tobacco as major contributor to inflation.