Inflation in the Eurozone accelerated to a record 9.1% in August
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At the end of August, inflation in the Eurozone accelerated to 9.1% in annual terms, follows from the final data (.pdf) Statistical Office of the European Union (Eurostat). This is the maximum figure for the entire time of calculations.
Eurostat revised consumer price growth in the EU from 0.5% to 0.6%. Inflation accelerated to 9.1% in annual terms. Recall that in July this figure increased by 0.1%.
Inflation in the EU rose to 10.1% in annual terms against 9.8% in July.
The highest inflation was recorded in the Baltic countries: in Estonia (25.2%), Latvia (21.4%) and Lithuania (21.1%). The lowest inflation is observed in France (6.6%), Malta (7%) and Finland (7.9%). Of the non-EU European countries, Switzerland has the lowest inflation at 3.3%.
According to Eurostat, in annual terms, the cost of energy in the EU increased by 38.6%, but the growth in energy prices slowed down slightly compared to July, when they recorded a rise in price by 39.6%. Prices for food, alcohol and tobacco increased by 10.6% against 9.8% in July, for services – by 3.8% against 3.7%.
In September, the Board of Governors of the European Central Bank (ECB) unanimously raised the key rate by 75 basis points at once, to 1.25% per annum. This is the largest ever single tightening of monetary policy. The decision was made against the backdrop of record inflation rates in the EU.
More details – in the material “Kommersant” “ECB raised rates as much as it could”.
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