According to CoinMeta, data released on Wednesday by the European Union Statistical Office showed that consumer prices in the eurozone rose by 4% year-on-year in October, higher than the 3.8% in the previous month, reaching the highest level since September 2023. Inflation in the eurozone has further accelerated, doubling the European Central Bank's (ECB) target of 2%, providing grounds for further interest rate hikes. ECB President Christine Lagarde stated that the policy direction is clear. This week, several members of the ECB’s Governing Council indicated that the pause in interest rate hikes in October does not mean that the monetary tightening cycle has ended. Investors and analysts expect the ECB to take action in December, by which time the latest quarterly forecasts will provide a more comprehensive assessment of the economic conditions of the eurozone’s 21 member states. The market expects the ECB’s deposit rate to rise to 3% or higher next year, currently at 2.5%.