Global inflation at such a high level has  1  not been recorded for decades – according to Eurostat’s preliminary flash estimates, in the euro area in October it touched the historic maximum of 10.7%, with Germany recording inflation of 11.6%.
It would seem that the higher global inflation is largely attributable to bigger than expected indirect effects of the prices of energy, primary commodities and industrial and agricultural raw materials. In addition, inflation is driven up by the still pronounced imbalances between supply and demand, higher inflation expectations and pronounced uncertainty in commodity and financial markets.