Eurozone October CPI rose to 4% year-on-year, hitting a three-year high. Data showed that the Eurozone's inflation rate in October climbed to 4% from 3.8% in September, marking the first time since September 2023 (4.3%) that it has reached or exceeded the 4% threshold, in line with expectations from economists polled by Reuters. Officials stated that the rise in inflation was primarily driven by surging energy costs, with energy inflation rising to 20.8% in October from 18.9% in September. The European Central Bank (ECB) kept its benchmark interest rate on hold at 2.5% last month, following a 25-basis-point rate hike in September. Following the data release, market pricing for an ECB rate hike at its final meeting of the year in December rose to over 72% from 71.8% prior to the release.