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Euro zone July inflation confirmed at 8.9% y/y, core measure sharply up
Hat tip, Joe.My.God.
EU Saw Record 8.9% Year-On-Year Inflation Rate In July
August 18, 2022
August 18, 2022
August 18, 2022
2:38 PM EDT
Last Updated 17 hours ago
Euro zone July inflation confirmed at 8.9% y/y, core measure sharply up
Reuters
2 minute read
BRUSSELS, Aug 18 (Reuters) - Euro zone inflation reached a new record high of 8.9% year-on-year in July, the EU's statistics office confirmed on Thursday, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up.
Reporting by Jan Strupczewski
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2:38 PM EDT
Last Updated 17 hours ago
Euro zone July inflation confirmed at 8.9% y/y, core measure sharply up
Reuters
2 minute read
BRUSSELS, Aug 18 (Reuters) - Euro zone inflation reached a new record high of 8.9% year-on-year in July, the EU's statistics office confirmed on Thursday, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up.
Reporting by Jan Strupczewski
You have reached your article limit
EU inflation hits new record high of 9.8%
While France and Malta have some of the lowest inflation rates in Europe, nations closest to the fighting in Ukraine face growing economic challenges.
KIRK MCDANIEL / August 18, 2022
(CN) — The annual inflation rate in the European Union rose to a record high of 9.8% in July, according to data released Thursday by the bloc's statistics agency, while inflation among the eurozone countries also hit a new high of 8.9%. ... Those are the highest inflation levels since Eurostat began recording statistics on the nations in 1997, and they mark a slight uptick from the record rates recorded in June.
A year ago, the inflation rate in the eurozone - comprised of the the 19 nations that use the euro as their form of currency- was only 2.2%. Similarly, annual inflation among the 27 EU member states stood at just 2.5% in July 2021. ... With Russia’s war with Ukraine raging on, the inflation rate for energy contributed the most to the eurozone’s rising economic struggles. The agency found that energy costs added 4.02 percentage points to the overall inflation rate.
In July, Russia reduced its Nord Stream I pipeline, Europe's main natural gas pipeline, to 20% capacity. The move was made in response to sanctions placed on the country after it launched the invasion in February. Since July of last year, the cost of energy has been a primary contributor to the annual inflation rate. ... Another contributing factor to eurozone inflation is the cost of consumer goods. In July, food, alcohol and tobacco contributed 2.08 percentage points. Services and non-energy industrial goods contributed 1.60 and 1.16 points, respectively, to the annual inflation rate.
Among all EU countries, Estonia is hardest hit with an annual inflation rate of 23.2% in July. Latvia follows with 21.3% and Lithuania is third at 20.9%. The sky-high inflation in these Baltic nations is seen as a symptom of the Russia-Ukraine conflict. Sanctioned trade routes and being geographically limited from the rest of the EU have largely contributed to their historic economic challenges. ... France and Malta are experiencing the lowest inflation rates in the union, with both recording an annual rate of 6.8% last month.
{snip}
While France and Malta have some of the lowest inflation rates in Europe, nations closest to the fighting in Ukraine face growing economic challenges.
KIRK MCDANIEL / August 18, 2022
(CN) — The annual inflation rate in the European Union rose to a record high of 9.8% in July, according to data released Thursday by the bloc's statistics agency, while inflation among the eurozone countries also hit a new high of 8.9%. ... Those are the highest inflation levels since Eurostat began recording statistics on the nations in 1997, and they mark a slight uptick from the record rates recorded in June.
A year ago, the inflation rate in the eurozone - comprised of the the 19 nations that use the euro as their form of currency- was only 2.2%. Similarly, annual inflation among the 27 EU member states stood at just 2.5% in July 2021. ... With Russia’s war with Ukraine raging on, the inflation rate for energy contributed the most to the eurozone’s rising economic struggles. The agency found that energy costs added 4.02 percentage points to the overall inflation rate.
In July, Russia reduced its Nord Stream I pipeline, Europe's main natural gas pipeline, to 20% capacity. The move was made in response to sanctions placed on the country after it launched the invasion in February. Since July of last year, the cost of energy has been a primary contributor to the annual inflation rate. ... Another contributing factor to eurozone inflation is the cost of consumer goods. In July, food, alcohol and tobacco contributed 2.08 percentage points. Services and non-energy industrial goods contributed 1.60 and 1.16 points, respectively, to the annual inflation rate.
Among all EU countries, Estonia is hardest hit with an annual inflation rate of 23.2% in July. Latvia follows with 21.3% and Lithuania is third at 20.9%. The sky-high inflation in these Baltic nations is seen as a symptom of the Russia-Ukraine conflict. Sanctioned trade routes and being geographically limited from the rest of the EU have largely contributed to their historic economic challenges. ... France and Malta are experiencing the lowest inflation rates in the union, with both recording an annual rate of 6.8% last month.
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