Inflation in the European countries using the euro currency has broken into double digits, signaling a looming winter recession for one of the globe’s major economies
Eurozone Inflation a ‘Grave Concern,’ Jumps to Record 10%
The headquarters of the European Central Bank is pictured prior to the news conference of the bank's governing council following their meeting in Frankfurt am Main, western Germany, on Sept. 8, 2022. The ECB announced the largest rate hike in its history, as runaway energy prices drove eurozone inflation to new heights.
Consumer prices in the 19-country eurozone rose a record 10% in September from a year earlier, up from an annual, EU statistics agency Eurostat reported Friday. Only a year ago, inflation was as low as 3.4%. Price increases were beyond what market analysts had expected and are at their highest level since record-keeping for the euro started in 1997. Energy prices were the main culprit, rising 40.8% over a year ago. Food, alcohol and tobacco prices jumped 11.8%.
“I’m already looking a lot more for special offers,” said Myriam Maierhofer, a 64-year-old trainer and coach for staff development, who was shopping Thursday at weekly outdoor market in Cologne, Germany. “I don’t throw away so much so quickly, so I’ve become more economical with food. And this morning, I also turned down the heating in the rooms again.”
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