Eurozone finance ministers are due to meet on Monday in Brussels to discuss the bloc’s worsening economic outlook, including record inflation driven by soaring energy prices.

In October, inflation hit 10.7 percent in the eurozone, a new all-time high since the introduction of the common currency.

The price of energy went up to 41.9 percent compared with last year, according to European Commission figures.

European Central Bank (ECB) President Christine Lagarde recently said the likelihood of a recession in the 19 members of the eurozone in the coming months had increased.

Eurozone finance ministers are to discuss measures taken by the different member states to tackle high prices and how to coordinate measures in the future without further fuelling inflation.

Ministers would also hear the commission’s first assessment of their national budget plans for 2023 and the expected impact of the different aid measures.

The meeting would also allow new Italian Finance Minister Giancarlo Giorgetti to meet his counterparts.

On Tuesday finance ministers of all 27 EU member states would be discussing in Brussels financial support for Ukraine and the reform of the bloc’s joint budget rules among other topics.