World More than 20 % inflation in some European countries in July, record at 8.9 % for the euro zone

16:00  29 july  2022
16:00  29 july  2022 Source:   ouest-france.fr

course in the euro area: ECB unexpectedly lifts Lebenzins to

 course in the euro area: ECB unexpectedly lifts Lebenzins to The record inflation forces the currency keeper for a historical course turn. The key interest rate in the euro area increases to 0.50 percent. © Photo: dpa/Boris Roessler The headquarters of the European Central Bank (ECB). The ECB has increased the key interest rate for the first time since 2011 and reacts with a strong step upwards to the excessive inflation.

Une femme fait les courses alimentaires dans un supermarché de Rennes, le 25 juillet 2022. © Alice Mouchard/Ouest-France A woman does food in a supermarket in Rennes, July 25 2022.

The inflation rate continues to fly to Europe, reaching a new record of 8.9% for the euro zone in July, according to estimation figures published by the European Union Statistical Office This Friday, July 29, 2022. We take stock of the country level by country.

The annual inflation rate of the euro zone is estimated at 8.9 % in July 2022, against 8.6 % in June according to an estimate published by Eurostat, the Statistical Office of the European Union (EU). A new record.

The war in Ukraine continues to flambé prices in the 19 countries sharing the single currency, but situations vary strongly from one country to another, exceeding 20 % in the Baltic countries, against more than 6 % in francs e.

How Reserve Bank of Australia governor Philip Lowe misled borrowers

  How Reserve Bank of Australia governor Philip Lowe misled borrowers Reserve Bank of Australia governor Philip Lowe has made a new interest rate promise - after last year repeatedly promising to keep the cash rate on hold until 2024.Average borrowers are now facing a $1,060-a-month surge in their mortgage repayments by Melbourne Cup Day, compared with what they were paying in May - an added cost bound to hit millions of families hard.

Read also: Inflation. How far can the price increase?

Inflation at 22.7 % in Estonia

The three Baltic countries, neighbors of Russia, are those who have experienced the highest inflation since the start of the invasion in Ukraine. Estonia has 22.7 %inflation, Latvia at 21 %and Lithuania at 20.8 %. A year ago, their inflation was 4.9 %, 2.8 %and 4.3 %respectively.

Other countries are more than 10 %: Slovakia (12.8), Slovenia (11.7), Netherlands (11.6), Greece (11.5), Spain (10.8), Cyprus (10.6) and Belgium (10.4).

In countries with the lower increase in prices, France (6.8) and Malta (6.5) are the countries that are best.

Record inflation in Spain and France

An inflation of 10.8 % in Spain constitutes a record "since September 1984" , almost thirty-eight years old, underlines in a press release the National Institute of Statistics (Ine ). The Spanish authorities attribute this dynamic to the surge in food and electricity prices.

Why are prices rising and what is the inflation rate in the US?

  Why are prices rising and what is the inflation rate in the US? As US interest rates go up again to tackle soaring costs, we explain why everything is so expensive.The increase in the cost of living is putting a squeeze on people's finances, as incomes fail to keep up.

In France, the pace of inflation over a year accelerated to reach a new record in July, continuing a trend initiated in early 2020 and uninterrupted since, according to a first estimate published this Friday by INSEE. This is an unprecedented level since the start of this statistical series studied by INSEE in January 1991.

The French Statistics Office uses as an indicator the Consumer Price Index (IPC) and obtains a figure of 6.1 %, while the Eurostat indicator is IPCH (harmonized consumer price index), which gives 6.8 % for France.

An outbreak pushed for the price of energy

If we look at things by the components of the indicator, the increase in the cost of energy, strongly affected by the war in Ukraine, is always the main engine of the inflation. The price is up almost 40 % in July, compared to last year.

On the other hand, the level decreases slightly compared to last June, which was 42 % for the increase in the price of energy. The aid measures taken by certain countries, as in France and Germany, would partly explain this slight decrease. In France, Several discounts are envisaged by the government in recent days for the start of the school year.

Reserve Bank of Australia hikes interest rates by 0.5 percentage points .
The Reserve Bank of Australia has raised the cash rate by half a percentage point. This has taken the cash rate from a three-year high of 1.35 per cent to a six-year high of 1.85 per cent. This would see someone paying off an average $600,000 mortgage cop a $169 increase in their monthly mortgage repayments In a statement, Dr Lowe said the RBA would struggle to get inflation back within the central bank's two to three per cent target any time soon, with Russia's war with Ukraine keeping petrol prices elevated. Historic inflation levels JUNE 2022: 6.1 per centMARCH 2022: 5.1 per centJUNE 2001: 6.1 per centDECEMBER 1990: 6.

usr: 1
This is interesting!