Inflation rates continue to rise among major economies in the European Union, now reaching year-over-year rates not seen since the lead-up to the Great Recession.

Price increases are broadly being fueled by two factors. First is the ongoing economic recovery on the continent, which has seen pent-up demand unleashed as lockdown policies lapsed during the first half of the year. Euro-zone wide growth came in at 2.2% in the third quarter, up slightly from 2.1% the previous quarter. Of the major economies, France led the way with a 3% GDP expansion in Q3, followed by Italy with 2.6%. Growth numbers would have been even stronger if supply chain issues, notably labor shortages, hadn’t been so severe.