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Eurozone inflation rose to a 25-year high of 8.9% in July

Eurozone inflation rose to a 25-year high of 8.9% in July
  • On July 21, the European Central Bank (ECB) stated that it would raise interest rates.
  • The Bank of England has already raised interest rates six times in a row.

inflation in Euro-zone It reached an all-time high of 8.9% in July. The last time it was this high was 25 years ago. From 7.4% in April, 8.1% in May, and 8.6% in June, the CPI has risen steadily. Some experts have already predicted an 8.9% increase.

Annual inflation was estimated at 39.7%, with energy costs posting the highest rate, down from 42.0% in June. Global energy demand has been negatively affected by the conflict in Ukraine and Russia. Along with energy comes food, drink and cigarettes, which touched 9.8%, up from 8.9% in June.

Inflation is rising across the European Union

After a slight drop in the previous month, German inflation rose to 8.5% in July. France and Italy both have fairly high inflation rates at the moment: 6.8% and 8.4%, respectively. Inflation rates in Estonia are 22.7 percent, in Lithuania 20.8 percent, and in Latvia 21.1 percent.

On July 21, the European Central Bank (ECB) issuedEuropean Central BankShe said she would raise interest rates for the first time in eleven years.

The United Kingdom (UK) yesterday published inflation figures for July. There was a 40-year high in the country CPI (Consumer Price Index) 10.1% increase. In this case, it was the Office for National Statistics that provided the information. Inflation rates over longer periods of time in the UK were significantly affected by the rapid rise in food prices between June and July. The Bank of England has already raised interest rates six times in a row to combat inflation. According to the Ministry of Foreign Affairs, inflation will rise to 13.3% by October Bank of England (BoE), before settlement.

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