Inflation in the Eurozone Hit a New Record 8.9% in July

A new record of Annual inflation was recorded in the Eurozone’s 19 courtries – 8.9% in July, compared to 8.6% in June.

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According to the published report of the European Statistical Agency Eurostat.

Eurostat explains that the main reason for the high inflation is the more increase in energy prices. 39.7% year-on-year after a 42% increase in the previous month.

Food, alcohol and tobacco prices rose 9.8% in June from 8.9% in May, and industrial goods rose 4.5% from 4.3%. Growth in service spending accelerated to 3.7% from 3.4% in June.

In Eurozone, the rapid rate of inflation began in August last year with the onset of the energy crisis in the EU. Since then, it has been progressing every month.