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Annual inflation in the euro zone rose to 3.8% in September, beating market expectations to hit its highest level since September 2023.

Last month’s print is up from the 3.2% recorded in August, above the 3.6% forecast by markets and well ahead of the European Central Bank’s 2% target. Core inflation came in at 2.5%, in line with expectations.

The move was fueled by soaring energy prices caused by the ongoing Middle East conflict.

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