Rise in energy and electricity prices in Europe breaks records
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By data Eurostat, energy inflation reached 41.1% yoy in July. This is the highest number since observations began in 1997.
If we take the subcategories, the largest increase in July was shown by gas prices – 51.4% yoy. Since January, this indicator has grown by 10.7 percentage points against the backdrop of a decrease in blue fuel supplies from Russia. Inflation in the “liquid fuel” subcategory (includes gasoline, diesel, etc.) reached 45.2% in July. Electricity prices are also on the rise, driven by several factors, including all-time high summer temperatures.
Energy prices are the main contributor to inflation in the eurozone, which reached new all-time high of 8.9%.
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