Euro Zone Inflation Hits New Record High

Euro zone inflation reached a new record high of 8.9% year-on-year in July, the EU’s statistics office confirmed, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up.
The Euro zone annual inflation hit a new record high of 8.9% in July, up from 8.6% in June, according to official figures on Thursday.
The figure was 2.5% last year.
The highest contribution to the annual euro area inflation rate came from energy, followed by food, alcohol and tobacco, services and non-energy industrial goods.
The annual inflation diminished in six member states, remained stable in three, and rose in 18 compared to June.
The lowest annual rates were seen in France, Malta (both 6.8%), and Finland (8.0%), while the highest annual rates were recorded in Estonia (23.2%), Latvia (21.3%), and Lithuania (20.9%).
Meanwhile, the EU annual inflation was 9.8% in July, up from 9.6% in June.