Prices hit their record high in Europe last month, averaging 9.8% due to energy, which costs 40% more than a year ago, and fresh food (11%)
Prices in Europe have never been so high. Inflation shot up in July to an average of 9.8% for the 27 countries of the European Union (EU), two tenths more than the June reading, which had already set a record. Data released Thursday by Eurostat shows that price pressures in the EU are slightly lower than in the United Kingdom (10.1%), but higher than in the United States, where inflation fell to 8.5%, six tenths per below the June level, which positively surprised the markets.
The evolution is striking. Just a year ago, inflation in the EU was 2.5%, seven points less than today. This is mainly due to the increase in energy prices, which currently cost 39.6% more than in July last year, and fresh food, 11.1% more expensive than in 2021. But what All products have become more expensive, as seen in the increase of core inflation (excluding energy products and fresh food), which rose to 5.1% in July, also marking an all-time high in the EU. Services were up 3.7% and non-energy industrial goods prices were up 4.5%.
And while the EU’s average inflation rate is less than double digits, more than half of the countries that make up the EU exceed 10%. For example, a total of 16 of the 27 countries that make up the Union recorded double-digit growth in July. The highest percentages were recorded in Estonia (23.2%), Latvia (21.3%) and Lithuania (20.9%). And seven other eurozone member states also saw their inflation rise above double digits: Slovakia (12.8%), Slovenia (11.7%), the Netherlands (11.6%), Greece (11.3%), Spain (10.7%), Cyprus (10.6%) and Belgium (10.4%). The least strong price increases were registered in France, Malta (both 6.8%) and Finland (8%).
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
