Inflation in the Eurozone rises to 8.9 percent.
Annual inflation in the Eurozone hit an all-time high of 8.9 percent in July.
The figure, which is above market forecasts, rose from 8.6 percent a month ago and 2.2 percent a year earlier, according to the estimate of the European Union’s Statistics Office.
“Energy is expected to have the highest annual rate in July at 39.7 percent, compared to 42 percent in June, followed by food, alcohol and tobacco at 9.8 percent, compared to 8.9 percent in June, non-energy industrial goods at 4.5 percent, compared to 4.3 percent in June and services by 3.7 percent, compared to 3.4 percent in June”, Eurostat announces.
Core inflation, which excludes energy, food, alcohol and tobacco, also rose to 4 percent in July, up from 3.7 percent in June.
On a monthly basis, consumer prices increased by 0.1 percent in July.