LONDON — Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices fueled by Russia’s war in Ukraine, but the economy still managed better-than-expected, if meager, growth in the second quarter. Annual inflation in the eurozone’s 19 countries rose to 8.9% in July, an increase from 8.6% in June, according to numbers published Friday by the European Union statistics agency. For months, inflation has been running at its highest levels since 1997, when record-keeping for the euro began, leading the European Central Bank to raise interest rates last week for the first time in 11 years and signal another boost in September. [time-brightcove not-tgx=”true”] Energy prices surged in July by 39.7%, only slightly lower than the previous month due to gas supply concerns.
Inflation Hits Record 8.9% In Euro Area, But Economy Grows
COURTNEY BONNELL and COLLEEN BARRY / AP, Time: Business
Fri, 07/29/2022 - 5:09am
Topics: london russia s annual september energy ukrainian ldquo;another july,&rdquo april italy spain economists this andrew kenningham europe s united states federal reserve chair jerome powell read surprising thing that could help ease inflation u.s europe&rsquo moscow germany nord stream kremlin russia&rsquo michael tran england ecb s ing s mdash;barry milan inflation europe july june central bank colijn covid-19 capital economics fed ldquo;with bank record economy recession gas prices week growth higher supply rates levels fears leading demand good expected winter cooling expect soaring union rose war countries increase time interest impact quarter governments cuts pandemic month due raising highs year previous crisis natural tied wrote
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