Inflation in eurozone countries rises to record high of 8.9%

Inflation, Markets, European Central Bank; Economic
The ECB held out the possibility that it would make a more drastic, half-percentage-point increase in September r

Inflation in the European countries using the euro climbed to another record in July pushed by higher energy prices driven partly by Russia’s war in Ukraine.

Annual inflation in the eurozone’s 19 countries rose to 8.9%, an increase from 8.6% in June, according to figures from the European Union statistics agency.

Inflation has been running at its highest level since 1997 when record-keeping for the euro began.

Energy prices surged by 39.7% while food prices rose by 9.8% and other goods by 4.5%.

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