Eurozone Sees Record Inflation within March
Massively rising cost of energy driving mind blowing inflation
Prices regarding goods and services in the eurozone arrived at an all-time high in March amid spiraling energy prices caused partly by the discord in Ukraine, the Euro Union’s statistical office stated on Thursday.
Eurostat revised its previous estimated year-on-year pumpiing rate for consumer costs in March to 7. 4% in its definitive evaluation, down from an earlier assessment of of 7. 5%.
That is far above the 2% rate targeted as optimum by the European Central Bank’s (ECB) policy.
The year-on-year inflation rate in February was 5. 9%.
What is causing the rising inflation?
ECB experts believe that Russia’s invasion of Ukraine and the ensuing conflict will continue to drive inflation for some time.
The primary inflationary factor is the enormously rising cost of energy. Energy prices rose 44% within March in a year-on-year comparison.
The harsh anti-COVID measures imposed within China as part of its zero-COVID strategy have, however , furthermore contributed to global inflation, with Chinese economic hubs sometimes severely impacted by lockdowns.
The current inflation rate is the highest documented since the EU’s common european currency was introduced it happened in 1999.
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