Inflation in the EU is reaching new highs, raising the risk of a recession

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    Annual inflation in the Eurozone accelerated to 8.9% in July, according to a report published on Friday. This is a new all-time high. In June, inflation was 8.6%, in May – 8.1%. Inflation in the Eurozone hits a record for the ninth month in a row. In July, it beat the consensus of 8.6% and was well above the 2% target set by the European Central Bank. The main driver of inflation this month was the rise in energy prices due to Russia’s operation in Ukraine. However, rising prices also affected food and services, suggesting that inflation is spreading from energy to other goods and services. Core inflation, which excludes energy and food, slowed in June but jumped to a record 5% in July, according to Eurostat. Source link

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