Inflation hits record 8.9% in 19 countries using the euro

Image Source : AP. Euro banknotes lie on a table in Munich, Germany, on March 30, 2022. Annual inflation in the eurozone’s 19 countries rose to 8.9% in July, from 8.6% in June, according to the latest numbers published Friday by the European Union statistics agency.

Highlights

  • Inflation in European countries using euro currency shot up to another record in July
  • It’s pushed by higher energy prices driven partly by Russia’s war in Ukraine
  • Inflation has been running at its highest level since 1997

Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices driven partly by Russia’s war in Ukraine.

Annual inflation in the eurozone’s 19 countries rose to 8.9% in July, an increase from 8.6% in June, according to the latest numbers published Friday by the European Union statistics agency.

Inflation has been running at its highest level since 1997, when record-keeping for the euro began.

Energy prices surged by 39.7%, while food prices rose by 9.8% and other goods by 4.5%.

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