The economic consequences of the war in Ukraine have made a dent in the economy of the Eurozone, inflation has climbed in recent months to record highs. European countries have suffered an unprecedented rise in prices in recent decades, although the upward trend in the CPI in some countries seems to have peaked in countries such as Spain.
The Consumer Price Index for September published this Friday by the National Institute of Statistics (INE) was lower than that of August. Inflation has marked a rise of 8.9%when the previous month stood at 10.5%.
Although it continues with high rates, it distances itself from other Member States such as Estonia, Lithuania or Latvia, which have reached quotas of over 20% in September. Other countries that have suffered the consequences of the rise in energy prices are Germany, Countries or Belgiumwhose inflation rises above 10% this last month.
To make a comparison of the price increase, the data published by Eurostat regarding the Harmonized Consumer Price Index (IPCA)which in Spain stands at 9% this September.
Germany
The CPI reached 10.9% last September, compared to 7.9% registered the previous month, the highest rise since the reunification of the country. The huge rise in the price of energy and fuel that the country led by Olaf Scholz has suffered has marked the rise in the German quota.
The restrictions on Russian after the invasion of Ukraine have triggered electricity prices in Europe, and especially in Germany, which in September increased by 43.9% year-on-year. The need to become independent from Russian gas has marked the agenda of the German chancellor – who is meeting this Friday in Berlin with the Spanish president, Pedro Sánchez, and the Portuguese prime minister, Antonio Costa – who has worked in recent months to start the MidCat.
Berlin seeks to resume the project to build a gas pipeline from Spain to France through the Pyrenees and ensure the gas supply to Germany.
Netherlands
Inflation in the Netherlands stood at 12% in September, the highest figure since the Second World War, according to Eurostat data. The rise in energy prices has also been decisive for the northeastern European country. The Mark Rutte’s Executive Proposal It goes through raising the minimum wage by 10% as a containment dam in the face of rising inflation.
Italy
The inflation rate rose to 9.5% in September, according to data from the National Statistics Institute. The increase is mainly due to the rise in food priceswhich went from 10.1% in August to 11.5%, and processed food goods, which went from 10.4% to 11.7%, and crude, from 9.8% to 11%.
France
France seems to have won the battle against the rise in prices, the Harmonized Index of Consumer Prices (IPCA) of France stood last September at 6.2% year-on-yearthree tenths below that of August, according to data published by the National Institute of Statistics and Economic Studies (Insee).
The key seems to have been the slowdown in energy prices recorded in September.
