Annual inflation in the Eurozone reached a record 8.9% in July, the latest data from the European Union’s statistics office Eurostat showed in August, 2022.

The increase from 8.6% recorded in June is mostly down to energy prices, climbing steadily since the start of the year. The Consumer Price Index reached 7.4% in April and 8.1% in May, 2022.

Consumer prices in the 19 nations using the euro saw modest month-on-month growth of 0.1%.

Eurozone energy prices rose by 4.02% from June to July. Other key inflation drivers were food, alcohol and tobacco, which edged up 2.08%. Meanwhile, prices for services and non-energy industrial goods saw growth of 1.6% and 1.16%, respectively.

In July, the European Central Bank announced an interest rake hike for the first time in 11 years. The regulator vowed further interventions in the coming months, despite the risk of a recession.

Germany’s annual inflation hit 8.5% in July, following a slight decline during the previous month. Inflation rates in France and Italy were 6.8% and 8.4%, respectively.

The Baltic states are still among the worst-hit, with Estonia seeing inflation of 22.7%, Lithuania 20.8%,and Latvia 21%.

The risk of a Eurozone recession has reached the highest level since November 2020, economists told Bloomberg, citing energy shortages that threaten to push the record inflation even higher.

RT. com / ABC Flash Point News 2022.

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30-08-22 16:41

The published inflation rates in Europe and the US are nonsense. Actual inflation for the average low to middle income family is at least twice the official figures.

30-08-22 16:42

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30-08-22 16:46

Sanctions do not work and vaccines do not work

Reply to  Zorba
30-08-22 23:12

And neither does Money Printing which was the cause of inflation in the USA long before the Ukraine war started.

$30 Trillion and counting in debt – no worries the world by using the petro- dollar and US aligned banking system keeps US /WE -world citizens paying US Eternal Debt.