The STOXX Europe 600, which includes around 90 percent of the market capitalization of the European market in 17 countries, was up 4.95 points, or 1.16 percent, at 433.33.

Germany's DAX 30 rose 165 points, or 1.16 percent, to finish the final trading day of the week at 14,431.

France's CAC 40 added 68 points, or 1.04 percent, to close at 6,644. Spain's IBEX 35 gained 87 points, or 1.08 percent, to 8,127.

Italy's FTSE MIB was the best performer of the day, soaring 335 points, or 1.38 percent, to 24,675.

The UK's FTSE 100 was the only index that performed less than a 1% gain as it added almost 39 points, or 0.53 percent, to close at 7,385.

The gains in indices came despite annual inflation rising to a fresh record level.

Euro area annual inflation came in at 10.6 percent in October 2022, up from 9.9 percent in September. A year earlier, the rate was 4.1 percent, according to Eurostat, the EU's statistical office.

EU annual inflation was 11.5 percent in October 2022, up from 10.9 percent in September. A year earlier, the rate was 4.4 percent, Eurostat announced Thursday.