Euro Zone Inflation Confirmed At 9.1% As Energy, Food Prices Surge

By: Trademagazin editor Date: 2022. 09. 18. 02:38

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Euro zone inflation hit another record high of 9.1% in August, EU statistics office Eurostat confirmed on Friday, driven by sharply higher energy and food prices, and was likely headed towards double figures.

Eurostat said that 3.95 percentage points of the year-on-year change came from more expensive energy and 2.25 points from food, alcohol and tobacco

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 euro was created in 1999. In its flash estimate at the end of August, Eurostat had given a monthly change figure of 0.5%. The annual figure of 9.1% was not revised.

Eurostat said that 3.95 percentage points of the year-on-year change came from more expensive energy – the costs of which surged because of Russia’s invasion of Ukraine – and 2.25 points from food, alcohol and tobacco. But even when excluding volatile energy and unprocessed food – what the European Central Bank calls core inflation – prices were still 5.5% higher than a year earlier, from 5.1% in July.

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