primer domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/ikq167bdy5z8/public_html/propertyresourceholdingsgroup.com/wp-includes/functions.php on line 6114According to Eurostat, the continued rise in the prices of energy and food is the biggest reason why prices are going up.
The inflation rate in the Eurozone has reached a record high. According to Eurostat, the continued rise in the prices of energy and food is the biggest reason why prices are going up.
An earlier reading that inflation in the Eurozone had reached a record high of 9.1% in August was confirmed by the EU statistics office Eurostat on Friday. Eurostat also noted that inflation was most likely going to head toward double digits.
The data showed that consumer price inflation in the 19 countries that use the euro rose by 0.6% month-on-month and by 9.1% year-on-year, representing the highest rate since the currency was introduced in 1999.
According to Eurostat, an increase in the cost of energy contributed 3.95 percentage points to the year-on-year change, while an increase in the cost of food, alcohol, and tobacco contributed 2.25 percentage points. Even if prices for volatile energy and unprocessed food are taken out of the equation, prices are still 5.5% higher than they were a year earlier. This is an increase from the 5.1% increase seen in July.
As the economy of the Eurozone gets closer to a recession, the European Central Bank (ECB), whose main goal is to keep inflation at 2%, raised its key interest rates by 75 basis points last week. It also said it would raise them again to fight inflation.
