Euro zone inflation hits three-year high

Euro zone inflation rose to 4.0% in October, reaching a three-year high on surging food and energy costs and solidifying expectations for a European Central Bank rate hike in December. The reading matched expectations in a Reuters poll, up from 3.8% the previous month as energy inflation hit 20%. The ECB now faces mounting pressure to tighten policy further as price pressures broaden across the currency bloc.