September 29, 2022

Eurozone Inflation Hits Record Higher

Soaring energy prices remain primary driving force

Inflation in the Eurozone spiked to a record a lot of 9. 1% in August, according to flash figures from Europe’s statistics office, Eurostat, published on Wednesday.

The indicator overshot analysts’ expectations of a 9% rate.

The price growth was driven largely by spikes within energy and food costs. Energy showed the highest yearly inflation rate of 38. 3%, down slightly through 39. 6% in Come july 1st. Food, alcohol, and tobacco were up 10. 6% compared to 9. 8% in July.

Costs on industrial goods, like clothing, household appliances, plus cars, were up 5% year-on-year, while the cost of providers increased by 3. 8% from last year.

August is the ninth consecutive month of record-high consumer price rises in the Eurozone.

Data shows that Germany, the region’s biggest economy, posted its highest level of inflation in nearly half a century at 8. 8%. Inflation in Italy reached 6. 5% in August, while costs in Spain rose 10. 3%. Estonia suffered from the highest inflation price in the Eurozone at twenty five. 2%.

The surge in prices provides prompted many analysts in order to warn of an imminent economic downturn in the euro area. Specialists also say that the Western european Central Bank is likely to expose another interest rate hike within September, after it already increased rates for the first time within 11 years by 50 basis points last month.

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