The feared but expected piece of news arrived: according to quick estimates by Eurostat published October 31 on annual inflation in the Euro-Zone for October 2007 reached 2.6%, over half percentage point higher compared to September (2.1%). This figure, calculated for the thirteen Countries of Euro-land on the basis of the Consumption Price Index of the Monetary Union, which represents approximately 95% of Euroland comsumption expenses, will be confirmed on November 15 by the Statistic Office of Luxembourg. Cereal crisis at community level, strengthening of the Euro compared to the dollar and increase in energy prices tied to the constant increases in the price of oil per barrel, are the major causes of the inflation surge which Brussels believes could still last for several weeks.
