Inflation in the eurozone reached double-digits and yet another new record high in September, according to preliminary data, as the negative consequences of Russia’s war in Ukraine continue to inflict a heavy toll on European economies.
Eurostat, the European Union’s statistics agency, estimates that inflation in the 19-country euro area reached 10.0% in September, up from 9.1% in August.
The latest climb in prices was fuelled by energy — the cost of which is now 40.8% higher than during the same month last year — while prices for food, alcohol and tobacco are believed to have soared by 11.8% year-on-year.
Baltic countries remain the most severely impacted with the inflation rates at 24.2%, 22.5% and 22.4% in Estonia, Lithuania and Latvia respectively.
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