Home Business inflation jumped to a record high in June at 8.6%

inflation jumped to a record high in June at 8.6%

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The 7% mark had been exceeded in April. That of 8% in May. And the progress continues. According to provisional figures published Friday July 1 by Eurostat, the European statistical institute, inflation reached 8.6% in June, over the last twelve months, in the whole of the euro zone. A level not seen since the start of the publication of the indicator in January 1997.

Last month, it was still energy that caused the most inflation to flare up in the 19 countries of the euro zone. Its prices thus jumped over twelve months by 41.9% (against an increase of 39.1% in May). Other categories are also showing strong increases, notes Eurostat, in particular that comprising “food, alcohol & tobacco (8.9%, compared to 7.5% in May)”. Inflation is particularly strong in fresh and unprocessed food products, exceeding 11%. Industrial goods (4.3%, compared to 4.2% in May) and services (3.4%, compared to 3.5% in May) remain a little wiser.

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France relatively spared

The eurozone average of 8.6% obviously hides major differences. With a harmonized price index (which is used for international comparisons) up 6.5%, France is one of the least affected countries, just behind Malta (6.1%).

Conversely, several countries in the euro zone are already experiencing inflation that easily exceeds 10%. Estonia is at 22%, Lithuania at 20.5%, Latvia at 19%. Very close to Russia, the three Baltic countries find themselves at the forefront of trade restrictions imposed by Europe in trade with Russia.

Among the major economies in the zone, Germany posted an increase of 8.2%, Italy of 9.1% and Spain of 10%. Inflation also exceeds 10% in Belgium, Slovenia or Slovakia.

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