Euro zone July inflation confirmed at 8.9% y/y, core measure sharply up

Shoppers wear mask and fill Cologne’s main shopping street Hohe Strasse in Cologne, Germany. REUTERS/Wolfgang Rattay/ File phto

BRUSSELS – Euro zone inflation reached a new record high of 8.9 percent year-on-year in July, the EU’s statistics office confirmed on Thursday, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up. The European Union’s statistics office Eurostat said consumer prices in the 19 countries using the euro rose 0.1 percent month-on-month in July for a 8.9 percent year-on-year increase, the highest since the euro was created in 1999.Eurostat said that of the total, 4.02 percentage points came from more expensive energy — the costs of which surged because of Russia’s invasion of Ukraine — and 2.08 percentage points from more expensive food alcohol and tobacco.

But even when these most volatile components are excluded, in what the European Central Bank calls core inflation and watches closely in interest rate decisions, prices still were 5.1 percent year-on-year higher in July.

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK inflation hits double digits, highest since 1982British consumer price inflation jumped to 10.1 percent in July, its highest since February 1982, up from an annual rate of 9.4 percent in June, intensifying the squeeze on households, official figures showed. | Reuters
Source: inquirerdotnet - 🏆 3. / 86 Read more »

92 cases vs cops cast doubt on PNP reform drive92 robbery-extortion cases filed against police officers in July alone has cast doubt on the reform program Philippine National Police chief General Rodolfo Azurin Jr. pledged to undertake upon assuming office. | dexcabalzaINQ /PDI dexcabalzaINQ Ningas kugon dexcabalzaINQ PGen. Rodolfo Azurin Jr. just assumed office last August 1, 2022! What do you expect, a miracle? dexcabalzaINQ 92 cases? Nakakalungkot naman 😢
Source: inquirerdotnet - 🏆 3. / 86 Read more »

PH internet speeds improved in July 2022 —OoklaMANILA, Philippines — The Philippines saw an increase in internet download speeds anew in both fixed broadband and mobile, according to network speed analyst Ookla. In its Speedtest Global
Source: inquirerdotnet - 🏆 3. / 86 Read more »

China CB, under pressure to ease, is hemmed-in by inflation, Fed jittersChina’s central bank is set to take more easing steps, pressured by a shaky economy that is undercutting jobs, but it faces limited room to maneuver due to worries over rising inflation and capital flight, policy insiders and analysts said. | Reuters
Source: inquirerdotnet - 🏆 3. / 86 Read more »

How a small enterprise thrives amid the pandemic and persistent inflation - BusinessMirrorWHILE most small and medium enterprises (SME) in the Philippines still face untold hurdles with the pandemic and persistent inflation, some of the more persistent and resilient ones are unfazed by the challenge. Starkaffea Corporation is one such SME, which is thriving and trying to earn a niche in the beverage industry. To Ms. Cheng
Source: BusinessMirror - 🏆 19. / 59 Read more »