Eurozone inflation surged to an all-time high this month, while the bloc’s economy lost momentum—reinforcing fears that a recession is now all-but-unavoidable.

In October, consumer prices jumped by 10.7 percent from a year ago, far exceeding the 10.3 percent median estimate in a Bloomberg survey. Third-quarter output, meanwhile, slowed to 0.2 percent from the previous three months—more than analysts estimated, but much less than the 0.8 percent advance recorded between April and June. With the energy crisis continuing to ravage businesses and households, the expansion is widely expected to shift into reverse during the winter.

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