Consumers: Eurozone inflation climbs to record high

Inflation in the euro zone accelerated further from a high level in August and reached a record high.

Consumers: Eurozone inflation climbs to record high

Inflation in the euro zone accelerated further from a high level in August and reached a record high. Compared to the same month last year, consumer prices increased by 9.1 percent, according to an initial estimate from the Eurostat statistics office in Luxembourg on Wednesday.

Economists had expected an increase of 9.0 percent. The August rate is the highest since the euro was introduced as book money in 1999. In the previous month, consumer prices had risen by 8.9 percent.

Driven by energy prices

Inflation was again driven by the sharp increase in energy prices, which rose by 38.3 percent compared to the same month last year. However, the increase was a little weaker than in the previous month. On the other hand, the rise in prices for food and beverages accelerated. The prices of industrial goods and services also rose more sharply.

Core inflation, which does not take into account prices for energy, food and luxury goods that are particularly susceptible to fluctuations, rose from 4.0 to 4.3 percent. The three Baltic states again had the highest inflation rates in the currency area at more than 20 percent. For example, the annual inflation rate in Estonia rose to 25.2 percent. In Germany, the inflation rate calculated according to European standards was 8.8 percent.

The European Central Bank (ECB) is aiming for an inflation rate of two percent in the medium term. In July, after a long wait, it raised the key interest rate for the first time in eleven years. Another rate hike is expected for September. It is still unclear how strong he will be.

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