Eurozone Inflation Rises 8.6% in June... Highest Since Statistics Began

[Asia Economy Reporter Buaeri] The consumer prices in the Eurozone (19 countries using the euro) rose by 8.6% year-on-year in June, according to Eurostat, the EU statistical office, on the 1st. This is the highest level since statistics began in 1997.

The inflation rate in the Eurozone has repeatedly hit record highs since November last year, with 7.4% in April and 8.1% in May.

This is due to the record surge in energy prices following Russia's invasion of Ukraine.

Energy prices soared 41.9% compared to a year ago, breaking the previous month's record of 39.1%.

Additionally, food prices rose by 11.1%, and service prices increased by 3.4%. Core inflation, which excludes agricultural products and petroleum, rose 4.6%, also surpassing the previous month's 4.4%.

The Eurozone's consumer price inflation rate significantly exceeds the European Central Bank (ECB)'s medium-term inflation target of 2%. The ECB announced that at the monetary policy meeting on the 21st, it will raise the benchmark interest rate by 0.25 percentage points from 0% for the first time in 11 years.

However, the pace of inflation varied within the Eurozone. While prices rose 8?10% in Germany, Italy, and Spain, they increased by nearly 20% in the three Baltic states of Latvia, Estonia, and Lithuania.

This content was produced with the assistance of AI translation services.