{"id":1536121,"date":"2022-07-02T07:20:31","date_gmt":"2022-07-02T11:20:31","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1536121"},"modified":"2022-07-02T07:20:35","modified_gmt":"2022-07-02T11:20:35","slug":"inflation-in-the-eurozone-skyrockets-to-8-6-percent","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-in-the-eurozone-skyrockets-to-8-6-percent\/","title":{"rendered":"Inflation in the Eurozone Skyrockets to 8.6 Percent"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Finflation-in-the-eurozone-skyrockets-to-8-6-percent%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1536121&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p class=\"subheading\">LONDON (AP) \u2013 Inflation in countries using the euro set another eye-watering record, pushed higher by a huge increase in energy costs fueled partly by Russia\u00b4s war in Ukraine.<\/p>\n<p>Annual inflation in the eurozone\u2019s 19 countries hit 8.6% in June, surging past the 8.1% recorded in May, according to the latest numbers published Friday by the European Union statistics agency, Eurostat. Inflation is at its highest level since recordkeeping for the euro began in 1997.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>Energy prices rocketed 41.9%, and prices for food, alcohol and tobacco were up 8.9%, both faster than the increases recorded the previous month.<\/p>\n<p>Demand for energy has risen as the global economy bounced back from the depths of the COVID-19 pandemic and Russia\u2019s invasion of Ukraine made things worse.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Public Must \u2018Immediately\u2019 Cut Energy Usage to Curb Threat to \u2018Political Cohesion\u2019 \u2013 Energy Companies <a href=\"https:\/\/t.co\/z2LWS6kH3U\">https:\/\/t.co\/z2LWS6kH3U<\/a><\/p>\n<p>\u2014 Breitbart London (@BreitbartLondon) <a href=\"https:\/\/twitter.com\/BreitbartLondon\/status\/1541366277649874944?ref_src=twsrc%5Etfw\">June 27, 2022<\/a><\/p>\n<\/blockquote>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>European Union leaders agreed to ban most Russian oil imports by the year\u2019s end, driving a price spike. The 27-nation bloc wants to punish Moscow and reduce its reliance on Russian energy, but it\u2019s also adding to financial pain for people and businesses as utility bills and prices at the pump soar.<\/p>\n<p>Russia also reduced deliveries of natural gas used to power industry and generate electricity last month to several EU countries like Germany, Italy and Austria, on top of cutting off gas to France, Poland, Bulgaria and others.<\/p>\n<p>\u201cImportantly, the oil embargo and gas supply squeeze that unfolded over the month of June have caused energy prices to soar,\u201d ING Bank\u00b4s senior eurozone economist, Bert Colijn, wrote in a commentary.<\/p>\n<p>Rising consumer prices are a problem worldwide, with the U.S. and Britain seeing inflation hit 40-year highs of 8.6% and 9.1%, respectively. That has led the U.S. Federal Reserve, Bank of England and other central banks worldwide to approve a series of interest rate hikes to combat inflation.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Energy Crisis: EU Passes Carbon Emissions Bill that will Result in \u2018Poverty for Generations\u2019<a href=\"https:\/\/t.co\/TtTRxuGejo\">https:\/\/t.co\/TtTRxuGejo<\/a><\/p>\n<p>\u2014 Breitbart London (@BreitbartLondon) <a href=\"https:\/\/twitter.com\/BreitbartLondon\/status\/1540303740292550656?ref_src=twsrc%5Etfw\">June 24, 2022<\/a><\/p>\n<\/blockquote>\n<figure id=\"M-ROS-B3\" class=\"a8d adSo\"><\/figure>\n<p>Colijn said the eurozone\u2019s latest \u201cugly inflation reading\u201d adds pressure on the European Central Bank to act quickly.<\/p>\n<p>The ECB is planning its first interest rate hike in 11 years this month, followed by another increase in September. Bank President Christine Lagarde said this week that she wants to move gradually to tackle soaring consumer prices, to avoid stifling the economic recovery, but is leaving the door open for bigger rate hikes in case inflation surges more than expected.<\/p>\n<figure id=\"D-ROS-B2\" class=\"a8d\"><\/figure>\n<p>\u201cI don\u00b4t think that we\u00b4re going to go back to that environment of low inflation,\u201d Lagarde said at an ECB forum Wednesday in Sintra, Portugal. \u201cI think that there are forces that have been unleashed as a result of the pandemic, as a result of this massive geopolitical shock that we are facing now that are going to change the picture and the landscape within which we operate.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u2018We are in a Gas Crisis\u2019 Russian Energy Addiction Sees Green Germany Move One Step Closer to Rationing <a href=\"https:\/\/t.co\/qFPO8fSYjz\">https:\/\/t.co\/qFPO8fSYjz<\/a><\/p>\n<p>\u2014 Breitbart London (@BreitbartLondon) <a href=\"https:\/\/twitter.com\/BreitbartLondon\/status\/1539979088911159296?ref_src=twsrc%5Etfw\">June 23, 2022<\/a><\/p>\n<\/blockquote>\n<p>But central banks run the risk of causing a recession as they make borrowing more expensive.<\/p>\n<figure id=\"M-ROS-B4\" class=\"a8d adSo\"><\/figure>\n<p>Inflation in the euro area has been setting monthly records since last year, underscoring how the war\u2019s impact on global energy supplies is making life more expensive for 343 million people.<\/p>\n<p>So-called core inflation was more stable after excluding the volatile energy and food categories. Price increases for goods like clothing, appliances, cars, computers and books held fairly steady at 4.3%, as did prices for services at 3.4%.<\/p>\n<p>The EU data also showed countries neighboring Russia that have been trying to wean themselves off cheap Russian gas are bearing the brunt of rising prices. Annual inflation came in at 22% for Estonia, 20.5% for Lithuania and 19% for Latvia.<\/p>\n<p>Poland, which does not use the euro but is an EU member, reported Friday that inflation rose to 15.6% in June compared with a year earlier, the highest rate in a quarter-century. That was an increase from the annual rate of 13.9% in May.<\/p>\n<p>Analysts noted that the biggest rise in Poland was in gasoline and diesel prices, which went up 46.7% from a year ago. Food prices were up 14.1%.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Germany Phasing Out Nuclear Power During Energy Crisis Labelled \u2018Complete Nonsense\u2019<a href=\"https:\/\/t.co\/BJFqXhGyJ5\">https:\/\/t.co\/BJFqXhGyJ5<\/a><\/p>\n<p>\u2014 Breitbart London (@BreitbartLondon) <a href=\"https:\/\/twitter.com\/BreitbartLondon\/status\/1539307160563159040?ref_src=twsrc%5Etfw\">June 21, 2022<\/a><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>LONDON (AP) \u2013 Inflation in countries using the euro set another eye-watering record, pushed higher by a huge increase in energy costs fueled partly by Russia\u00b4s war in Ukraine. Annual<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1536121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1536121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1536121"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1536121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1536121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1536121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1536121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}