Russia-Ukraine war impact: Inflation hits record high of 9.1% in 19 countries using Euro currency
In the euro zone, energy prices surged 38.3%, while food prices rose 10.6%, according to Eurostat's preliminary estimate.
Inflation in the European countries using the euro currency hit another record in August, fuelled by soaring energy prices mainly driven by Russia's war in Ukraine.
Annual inflation in the eurozone's 19 countries rose to 9.1% in August, up from 8.9% in July, according to the latest figures released Wednesday by the European Union statistics agency Eurostat.
Inflation is at the highest levels since record-keeping for the euro began in 1997.
Prices are also rising in many other countries as Russia's war in Ukraine grinds on, triggering unprecedented increases for energy and food that are squeezing household finances. This summer has seen a wave of protests and strikes around the world by workers pushing for higher wages and people fed up with the high cost of living.
Inflation in Britain, Denmark and Norway, which have their own currencies, is also surging, according to official data released earlier this month. Inflation is also high in the U.S., adding urgency for the Fed to keep raising interest rates. Prices were up 8.5% in July compared with a year earlier, thought that was lower than 9.1% in June.
In the euro zone, energy prices surged 38.3%, while food prices rose 10.6%, according to Eurostat's preliminary estimate.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
04:20 PM IST