Inflation in the eurozone at its highest level in almost 10 years

Released on 17.09. 2021

  • Everything has become more expensive for consumers in Europe. Photo: Patrick Pleul

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Consumer prices have increased significantly compared to the previous year. According to a second estimate by the Eurostat statistics office, they rose by 3.0 percent.

Luxembourg (dpa) – Inflation in the euro area increased significantly in August and reached its highest level for almost 09 Years. According to a second estimate, the Eurostat statistics office announced on Friday in Luxembourg that consumer prices had risen by 3.0 percent compared to the previous year.

This confirmed a first estimate. It is the highest inflation rate since November 2011. In July, the rate was still 2.2 percent.

Energy prices rose again particularly strongly in August, the 15, 4 percent more expensive than a year earlier. Industrial goods prices rose 2.6 percent. Food and luxury foods cost 2.0 percent more than a year ago. Services were 1.1 percent more expensive.

The core inflation rate excluding energy and food also increased significantly. It increased from 0.7 percent to 1.6 percent. Core inflation is considered by many economists to be a more reliable measure of inflation, as it usually fluctuates less strongly.

The European Central Bank (ECB) is aiming for inflation of 2 percent in the medium term. This rate is currently clearly exceeded. However, the ECB does not want to take countermeasures because it regards the rise in inflation as temporary. It refers to numerous special effects, most of which can be traced back to the Corona crisis.

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