Inflation Hits Record 10% In 19 Countries Using The Euro
Newsy
Consumer prices in the 19-country eurozone were up from an annual 9.1% in August. One year ago, inflation was as low as 3.4%.
Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe's major economies as higher prices undermine consumers' spending power.
Consumer prices in the 19-country eurozone rose a record 10% in September from a year earlier, up from an annual 9.1% in August, EU statistics agency Eurostat reported Friday. Only a year ago, inflation was as low as 3.4%.
Price increases were beyond what market analysts had expected and are at their highest level since record-keeping for the euro started in 1997. Energy prices were the main culprit, rising 40.8% over a year ago. Food, alcohol and tobacco prices jumped 11.8%.
