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 Record eurozone inflation infographic
Graphic shows eurozone inflation compared to U.S. and UK inflation rates.
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ECONOMY

Eurozone inflation hits record 10%

By Duncan Mil

October 3, 2022 - Euro area nations saw inflation rise by 10 per cent in September compared to last year -- the highest since the creation of the euro in 1999, driven by energy prices which surged 40.8 per cent.

The consumer price index (CPI) rose 10 per cent in September compared to 9.1 per cent in August. The price rises also outstripped the U.S. for two straight months. U.S. CPI isn’t due out for another ten days.

All items have increased, with alcohol and tobacco seeing an 11.8 per cent increase, non-industrial goods at 5.6 per cent, and services at a 4.3 per cent increase.

During September, 10 of 19 eurozone countries had double-digit inflation, with Estonia, Lithuania, Latvia and the Netherlands experiencing 24.2, 22.5, 22.4 and 17.1 per cent inflation, respectively.

Eurostat data shows the Netherlands had the highest energy inflation in September, 113.8 per cent, followed by Belgium and Greece at 67.2 and 53.3 per cent.

German inflation hit a new 71-year-high of 10.9 per cent in September after the expiry of government measures to cushion the impact of the energy crisis.

Last week, Germany announced it would borrow an extra €200 billion on capping gas and electricity prices, while British Prime Minister Liz Truss proposed energy subsidies of £150 billion (€167.7 billion).

However, inflation slowed in France from 6.6 per cent to 6.2 per cent -- the lowest in the bloc, thanks to large subsidies on energy bills.

EU energy ministers on Friday (September 30) agreed on measures including a five per cent mandatory reduction in peak electricity consumption, a windfall levy on fossil fuel companies and a €180/MWh cap on the price of electricity generated by non-gas power producers.

Sources
PUBLISHED: 03/10/2022; STORY: Graphic News; PICTURES: Getty Images
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