Headline inflation increased again. Core inflation increased again. Inflation refuses to peak. GDP growth slowed in Q3 and PMIs suggest negative growth in Q4. The ECB's mild pivot may prove premature as long as core inflation momentum does not turn. Euro-area inflation increased again in October to 10.7% y/y, up from revised 9.9% y/y in September and higher than the Bloomberg consensus at 10.3% y/y. {table} Energy prices continue to drive inflation, contributing 4.2% points to headline inflation in October. Food prices contributed 2.8% points. While market prices of electricity, gas, oil and some food commodities ... (full story)