October 6, 2022

Eurozone Inflation Hits All-Time High

Customer prices in the 19-member currency bloc have risen by 8. 9% in the past yr, the highest rate ever documented

Annual inflation within the Eurozone reached a record 6. 9% in July, the most recent data from the European Union’s statistics office Eurostat  showed   upon Thursday.

The increase from 7. 6% recorded in 06 is mostly down to energy prices, climbing steadily since the start of year. The Consumer Price Catalog reached 7. 4% within April and 8. 1% in May.

In the mean time, consumer prices in the 19 nations using the euro noticed modest month-on-month growth associated with 0. 1%.

Eurozone energy prices rose by 4. 02% through June to July. Other key inflation drivers were food, alcohol and tobacco, which edged up 2 . 08%. Meanwhile, prices to get services and non-energy industrial goods saw growth of 1. 6% and 1 . 16%, respectively.

Within July, the European Main Bank announced an interest rake hike for the first time in eleven years. The regulator vowed further interventions in the arriving months, despite the risk of a recession.

Germany’s annual inflation hit 6. 5% in July, carrying out a slight decline during the prior month. Inflation rates within France and Italy had been 6. 8% and almost eight. 4%, respectively. The Baltic states are still among the worst-hit, with Estonia seeing pumpiing of 22. 7%, Lithuania 20. 8%, and Latvia 21%.

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