Inflation in Eurozone hits another record of 8.9% in July

by Daily Sabah

Inflation in the eurozone shot up to another record high in July, pushed by higher energy prices driven partly by Russia’s war in Ukraine, though the economy still managed some meager growth.

What’s more, the peak in the consumer prices index (CPI) could still be months away, keeping pressure on the European Central Bank (ECB) to opt for another big interest rate increase in September.

Annual inflation in the eurozone’s 19 countries rose to 8.9% in July, an increase from 8.6% in June, according to the latest numbers published Friday by the European Union statistics agency.

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