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Inflation in the Eurozone reached a new record in June: 8.6% annual

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The rise in prices in the 19 countries that use the euro as their single currency reached a record 8.6% in June, motivated by high energy costs as a result of the war in Ukraine.

Five tenths increased inflation in the eurozone in June. Year-on-year inflation last month registered 8.6%, the highest on record, according to preliminary data published this Friday, July 1, by the Eurostat community statistics office.

June was the month that registered the highest increase in annual inflation. The former were 5.1% in January, 5.9% in February, 7.4% in March and April, as well as 8.1% in May.

But in the midst of negative data, a light. Core inflation, which excludes energy and food due to more volatile prices, stood at 3.7% last month, which represents a decrease of one tenth compared to May.

Inflation in the Eurozone reached a new record in June: 8.6% annual
Inflation in the Eurozone reached a new record in June: 8.6% annual © France 24

The biggest driver of annual inflation in Europe was energy prices. The data show that energy registered the sixth month of the year as the main factor in the increase in prices, with an annual increase of 41.9%; two points more compared to the previous month.

Processed foods, alcohol and tobacco increased 8.2% in June, compared to 7% in May, while unprocessed foods rose more than two points, from 9% in May to 11.1% in the past month.

For its part, non-energy industrial goods increased one tenth in June, up to 4.3%, while the increase in the price of services was one tenth less than the previous one, 3.4% compared to 3.5% in May.

The countries with the highest inflation were Estonia with 22%, followed by Lithuania with 20.5% and Latvia with 19%. Other countries like Slovakia, Greece, Slovenia, Belgium, Luxembourg and Spain registered double-digit annual inflation.

The European Central Bank announced the first interest rate hikes in nearly a decade, scheduled for July and September. Investors remain alert about the volatility that the increase in the price of money may cause in the stock markets, as well as the risk of an economic recession.

with EFE

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Written by Editor TLN

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