Inflation in the eurozone reaches 10% for the first time in history

Prices do not find a ceiling in the eurozone.

NewsEditor
NewsEditor
30 September 2022 Friday 02:37
6 Reads
Inflation in the eurozone reaches 10% for the first time in history

Prices do not find a ceiling in the eurozone. Inflation closed August at 10%, the highest figure ever seen since records began 25 years ago. Behind it hides the thrust of energy prices, which rose 41% from the previous 39%, and of the group of food, alcohol and tobacco (11.8%). Non-industrial goods (5.6%) and services (4.3%) also increased strongly.

They are nine tenths more than the 9.1% of August, according to the data revealed this Friday by Eurostat. Core inflation, which does not take into account energy and fresh food, rises to 6.1%, from 5.5% in August. Nor without restraint, in an example of how the energy impact spreads to the entire basket of products and services. Far from relaxing, month after month prices grew by 1.2%, double that of the previous month.

In the midst of the search for solutions on the energy front, with skyrocketing electricity and gas prices threatening the economy, the panorama by country shows that more and more nations exceed 10%. In Germany, prices rose 10.9%, according to Eurostat data, and in Austria 11%. They join the group that already included Estonia (24.2%, the highest), Lithuania (22.5%), Latvia (22.4%), the Netherlands (17.1%), Slovakia (13, 6%), Belgium (12%), Slovenia (10.6%) or Greece (12.1%).

In a contrary behavior, Spain escapes the increases, reducing its rate from 10.5% to 9.3%.

The situation puts pressure on the European Central Bank (ECB) on its path to raising interest rates. After the rise of half a point on July 27 and 75 points this month, the main reference rate is 1.25%. This same Thursday from the Bank of Spain it was noted that rates could continue to rise, settling on 2.25%.

Comments

Warning!

You have to login for comment. If you are not a member? Register now.

Login Sign Up