EU inflation rises to 10.9% in September

Eurostat, the EU's statistics office, said inflation hit an average of 10.9% across the 27-member bloc in September, according to the latest figures released on Wednesday.

In August, that figure stood at 10.1%. 

The annual inflation rate in the Eurozone was 9.9% in September, a jump from 9.1% in August.  

Meanwhile in the United Kingdom, the latest figures show that inflation hit 10.1% in September. The figure matches a 40-year-high that was hit in July.

Rising costs in the UK put pressure on the Bank of England to raise interest rates further. New Chancellor of the Exchequer Jeremy Hunt has said the government under Prime Minister Liz Truss "will prioritize help for the most vulnerable while delivering wider economic stability."  

Russia's war on Ukraine has fueled high inflation and an energy crisis within the EU and the UK, wreaking havoc on national economies.

EU leaders to meet amid inflation, energy crisis

The European Commission on Tuesday proposed €40 billion ($39.2 billion) in aid to help small and medium-sized firms and "address energy poverty through support to vulnerable households."  

EU leaders will meet Thursday to discuss the package and the latest regarding the assault on Ukraine. The invasion has disrupted the supply of Russian gas to European countries, causing energy prices to skyrocket.

"Europe is facing its week of truth," Belgian Prime Minister Alexander De Croo said. "This week it is hit or miss."

Germany, the EU's largest economy, has unveiled a €200 billion plan to combat the energy crisis and soaring costs. The relief measures include a gas price cap and a tax on windfall profits made by energy firms. 

wd/rs (Reuters, AP)