Eurozone inflation soars, beating record and forecasts

BRUSSELS: Inflation in the Eurozone has surpassed all-time highs. Inflation exceeded the prior projection, reaching 10%. The ECB appears to be compelled to boost interest rates again. The price increase in the Eurozone was 9.1% a month ago. It was anticipated to be 9.7%, but it hit 10% in September.

According to data, Germany’s inflation is at its highest level since the Korean War 70 years ago. At 24.2%, Estonia had the highest annual inflation rate. According to the CSO, France has the lowest (6.2%).

According to the report, inflation excluding food and gasoline increased to 6.1% from 5.5%. At the same time, non-alcoholic beverages and cigarette prices increased. Energy prices are up 41% year on year. Unprocessed food prices have risen by 13%. People’s savings are being eroded by rising energy expenses and gas shortages.

The European Systemic Risk Board has warned that the current situation could jeopardize the Eurozone’s banking industry. According to the board, confidence indices across the EU are declining rapidly.

Meanwhile, the consumer price index in Ireland declined by 8.6% in September from 9.0% in August, It is also worth noting that energy prices have remained unchanged. According to the CSO, it is 38% greater on an annualized basis.

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