Inflation in the eurozone hit a new record in August, at 9.1%, according to rapid figures from the European statistics office Eurostat.
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For its ninth month, the euro zone records a record rise in the rate of inflation
Eurozone inflation hit a new record high in August, at 9.1%, according to flash figures from Eurostat, with higher energy prices being the main driving force.
The rate was higher than expectations, as a Archyde.com poll of economists had expected a rate of 9%.
This is the ninth consecutive record of consumer price increases in the region, and the rise began in November 2021, and the main inflation rate in the euro area was 8.9% year-on-year in July.
On Wednesday, Eurostat said that “energy recorded the highest annual inflation rate at 38.3%, slightly down from 39.6% in July.”
Food, alcohol and tobacco prices rose 10.6% compared to 9.8% in July, and the spillover effects of recent heat waves across the continent contributed to the increase.
Prices of non-energy industrial goods, such as clothing, home appliances and cars, rose 5% from a year ago, up 0.5 percentage points from last month, while prices for services rose 3.8% year on year, 0.1 percentage point, more than they were In July.
Meanwhile, Germany, the region’s largest economy, saw inflation soar to its highest level in nearly half a century, at 8.8% y/y in August, According to CNBC.
Estonia currently suffers the highest inflation in the Eurozone, at 25.2%, followed by Lithuania at 21.1% and Latvia at 20.8%, while Malta and Finland follow France, with the lowest inflation rates at 7.1% and 7.6%, respectively.