London, Wednesday, 31 August 2022
According to preliminary calculations, the annual inflation rate in the Euro Area increased to 9.1% in August 2022 from 8.9% in July, exceeding 9% market expectations.
As food prices continue to rise (10.6% vs. 9.8%) and energy costs (38.3% vs. 39.6%) remain high, the inflation rate reached a new record high.
Services and non-energy industrial products both saw faster price increases than items did (3.8% vs. 3.7% and 5% vs. 45%).
Inflation jumped to 5.8% when energy was excluded (up from 5.4% in July) and to 4.3% when energy, food, alcohol, and tobacco were excluded (up from 4%). The CPI increased by 0.5% as compared to the prior month.
(Report by: The Decision Maker – Finance editors)