Bulgaria is one of the most affected European countries

Inflation in the Eurozone continues to reach record levels. The latest calculations of the European Statistical Office predict an annual inflation rate of 9.1%.

The August forecast showed that prices of food, alcohol and tobacco, non-energy manufactured goods and services rose from July, when annual eurozone inflation was forecast at 8.9%.

Eurostat’s August estimate shows energy inflation at 38.3%, compared to 39.6% in July. In particular, in Estonia and the Netherlands, inflation rose significantly in August, respectively by 2% more than the previous month’s data.

Meanwhile, in Britain, inflation rose to a 40-year high of 10.1% in July, the Organization for National Statistics (ONS) said.

Rising food prices were the biggest contributor to annual inflation rates between June and July, the UK’s Office for National Statistics said, amid the highest rise in inflation since 1982.

Eurozone inflation rose from 7.4% in April as energy and food prices continued to rise in Europe, a process fueled in part by Russia’s war in Ukraine, Euronews said.

Will investors get used to high inflation? This is expected to happen by March 2023.

If we look at the preliminary estimate released on August 31, it is the highest since records began for the euro area in 1997.

Every corner of the continent is facing rising prices, with Europe’s expected economic recovery from the coronavirus pandemic hampered by a number of factors.

Russia, for its part, faced inflation of 15.1% for the month of July, down from 17.1% in May.

Here’s what the inflation rate looks like in each country in Europe:

In Bulgaria, inflation is 14.4%, in Romania – 13.76%, in Greece – 11.1%, in Macedonia – 10.5%, in Serbia – 9.6%.

At that time, the level of inflation in a number of other European countries was lower than in our country. This is the case with Croatia, Hungary, Austria, Germany, France (only 6.5%), etc.

Following in the footsteps of its counterparts elsewhere in the world, the European Central Bank raised interest rates for the first time in 11 years by a larger-than-expected amount. This step provokes a series of new questions. For example, whether credit hikes will plunge major economies into recession in an effort to lower prices for people who spend more on food, fuel and everything else. Therefore, experts expect a new increase in interest rates in September.

The article is in bulgaria

Tags: Bulgaria affected European countries

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