Inflation in the Eurozone stood at 9.1%

The year-on-year inflation rate in Europe registered a small growth between July and August

The year-on-year inflation rate in the euro zone stood at 9.1% in August, compared to the 8.9% registered in July, which represents the highest increase in prices in the euro region in the entire historical series and more than four times the price stability target of 2% of the European Central Bank (ECB), whose Governing Council will meet again next week.

According to preliminary data published by Eurostat, the rise in prices in the euro zone intensified in August, despite the fact that the year-on-year rise in energy prices slowed to 38.3% from 39.6% in July, while the increase in the price of fresh food was 10.9%, when in July it had been 11.1%.

However, services became more expensive by 3.8% year-on-year in August, one tenth more than the previous month, while the prices of non-energy industrial goods rose by 5%, compared to 4.5% in the previous month.

Excluding the impact of energy from the calculation, the year-on-year inflation rate in the euro zone stood at 5.8% in August, compared to 5.4% in the previous month, while also excluding the effect of prices of fresh food, alcohol and tobacco, the core inflation rate has climbed to a record 4.3%, three tenths more than in July.

In the month of August, nine of the nineteen eurozone countries recorded double-digit inflation rates, with the highest price increases in Estonia (25.2%), Lithuania (21.1%) and Latvia (20. 8%), while the least intense increases were observed in France (6.5%), Malta (7.1%) and Finland (7.6%).

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Source: dpa

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