Latest News

Euro zone inflation confirmed at 9.1% as energy, food prices surge

0

Euro zone inflation confirmed at 9.1% as energy, food prices surge By Reuters

Breaking News

‘;

Economy 4 minutes ago (Sep 16, 2022 10:13)

© Reuters. FILE PHOTO: European Union flags flutter outside the European Central Bank (ECB) headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo

BRUSSELS (Reuters) – 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.

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.

Industrial goods were 5.1% more expensive than 12 months earlier, with services prices up 3.8%.

The ECB, whose headline inflation target is 2%, last week raised its key interest rates by an unprecedented 75 basis points and promised further hikes, prioritising the fight against inflation even as the bloc is heading towards a winter recession and gas rationing.

For Eurostat release, click on:

http://ec.europa.eu/eurostat/news/news-releases

Euro zone inflation confirmed at 9.1% as energy, food prices surge

European shares slide as recession fears grip global marketsBy Reuters – Sep 16, 2022

By Shreyashi Sanyal (Reuters) -European shares slid 1.2% on Friday as recession warnings from two major global financial institutions and bets of a large interest rate hike from…

Dollar steadies ahead of Fed, yuan breaks key levelBy Reuters – Sep 16, 2022

By Rae Wee SINGAPORE (Reuters) – The dollar hovered near its recent peaks on Friday as expectations that the Federal Reserve would need to hike more to tame inflation sent…

Germany Seizes Oil Assets of Russia’s Rosneft to End Refinery CrisisBy Investing.com – Sep 16, 2022

By Geoffrey Smith 
Investing.com — The German government is to take over the local operations of Russian oil giant Rosneft, further deepening the rupture between the two countries…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

European shares slide as recession fears grip global markets

Previous article

Russian economy will not return to pre-war levels until 2030 – Scope

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News