Luxemburg, 31 October 2022 (dpa/MIA) - Inflation in the eurozone reached another record high in October, soaring to 10.7% compared to the same month last year, according to a first estimate released by the statistics office Eurostat on Monday. Economists had expected an inflation rate of 10.3%. The October inflation is the highest since the introduction of the euro in 1999. In the previous month, consumer prices had risen by 9.9%. The eurozone's economy developed slightly better than expected in the summer, according to a further estimate released by Eurostat. In the third quarter, the gross domestic product (GDP) of the 19 euro countries grew by 0.2% compared to the previous quarter. Analysts had expected a small increase in economic output of 0.1% for the months July to September. In the second quarter, GDP had increased by 0.8%, while in the third quarter, the economy in the common currency area grew by 2.1% year-on-year, Eurostat said. The economic development of each individual country continues to vary. While the large economies grew slightly, the economy in Latvia for example shrunk significantly. The Baltic states are currently suffering from the consequences of the once close economic relations with Russia, which have become a burden in the wake of the Ukraine war and Western sanctions. Russia's war has also caused a sharp rise in energy prices, which were driven up to 41.9% compared to the same month last year. In addition, the upward trend in food and luxury food prices accelerated, rising by 13.1% compared to the previous year. The prices of industrial goods excluding energy and of services also rose significantly. Core inflation, which does not take into account the particularly volatile prices of energy, food and luxury goods, rose from 4.8 to 5.0% compared to the previous year.