Inflation in France and Italy exceeds forecasts

In September, prices accelerated in three major eurozone economies: 3.4% in France, 4.1% in Italy, and 5% in Spain. Energy was the main driver, Bloomberg reports. In France, energy prices rose 21.2% year-on-year, services by 2.2%, and food by 1.5%. The ECB has already raised rates twice to 2.5%. Data is pressuring the regulator, with markets expecting further tightening amid oil and gas concerns. Eurostat will release eurozone-wide figures on Friday. Economists expect 3.7% — the highest in three years.