Eurozone inflation rose above the 10% level in the month of October, buoyed by the strong soar in prices for natural gas and electricity due to Russia’s war in Ukraine.

The preliminary data from Europe’s statistics office showed that headline inflation came in at 10.7% in October from a year earlier, up from 9.9% in September. This represents the highest-ever monthly reading since the Eurozone’s formation and highlights the severity of the cost-of-living crisis in the region.

The 19-member bloc has faced higher prices, particularly energy and food prices, over the past 12 months, which prompted the European Central Bank to hike interest rates at the fastest pace in its history with back-to-back 75 basis-point increases at its September 8 and October 27 policy meetings.