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Inflation in the eurozone accelerated to a record 9.1% in August


September, 16 2022
watermark Economic news

According to the final data of the Statistical Office of the European Union, consumer prices in the eurozone increased by 9.1% in annual terms in August. This indicator has become the maximum since the beginning of the data calculation. 


Thus, inflation in the region accelerated from 8.9% in July and currently exceeds the target of the European Central Bank of 2% by 4.5 times. The final data coincided with the preliminary data, as well as with analysts' forecasts. 


According to Eurostat, energy resources jumped in price by 38.6% compared to August last year, but the growth rate slowed down compared to the rise by 39.6% a month earlier. Food, alcohol and tobacco increased in price by 10.6% (by 9.8% in July), industrial goods – by 5.1% (by 4.5% in July), services rose in price by 3.8% (by 3.7% in July).


The CPI Core index (consumer prices excluding food and energy) increased by 4.3% year-on-year last month, compared with 4% in July.


In the European Union, inflation accelerated to 10.1% in annual terms in August from July's 9.8%. The lowest inflation in the EU was recorded in France (6.6%), Malta (7%) and Finland (7.9%), the highest in Estonia (25.2%), Latvia (21.4%) and Lithuania (21.1%).


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.