icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
16 Sep, 2022 12:08

Eurozone inflation hits record high

Skyrocketing energy and food costs remain the major driver of price growth, according to Eurostat
Eurozone inflation hits record high

Inflation in the Eurozone spiked to a record high of 9.1% in August, the EU statistics office Eurostat confirmed on Friday, noting it was likely headed toward double digits.

The data showed that consumer price inflation in the 19 countries using the euro rose 0.6% month-on-month and by 9.1% year-on-year, the highest rate since the currency was created in 1999.

According to Eurostat, 3.95 percentage points of the year-on-year change came from more expensive energy and 2.25 points from food, alcohol and tobacco. If volatile energy and unprocessed food prices are excluded, prices were still 5.5% higher than a year earlier, up from 5.1% in July.

Last week, the European Central Bank, whose headline inflation target is 2%, raised its key interest rates by an unprecedented 75 basis points and promised further hikes to fight inflation as the Eurozone economy slides toward recession.

For more stories on economy & finance visit RT's business section

Podcasts
0:00
28:29
0:00
26:22