European stocks close higher despite rising inflation
Euro area inflation rate at 3.4% in September; annual inflation in August was 3%
All major indices in Europe closed higher Wednesday despite rising inflation.
The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, rose 1.49 points, or 0.32%, to close at 470.07.
London's FTSE 100 was up 5.57 points, or 0.08%, to 7,223, while Germany's DAX 30 added 7.09 points, or 0.05%, to 15,522.
France's CAC 40 was the only index in negative territory during the session but it managed to climb back to finish at 6,705 with a 35-point, or 0.54%, increase.
Italy's FTSE MIB 30 was the best performer -- soaring 248 points, or 0.94%, to 26,581.
Spain's IBEX 35 rose 21.6, or 0.24%, to close at 9,017.
The euro area inflation rate came in at 3.4% in September on an annual basis, driven by higher energy prices, according to figures of the Eurostat statistical authority. The annual inflation rate in August was 3%.
Annual inflation in the EU jumped to 3.6% in September, up from 3.2% in August, according to Eurostat.
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