Eurozone inflation hits new record above 9% as energy crisis deepens
rate rose inflation in the eurozone to a new record following rising to 9.1% in August on an annual basis.
The reading came in higher than analysts’ expectations of 9%, up from 8.9% in July.
Inflation figures are putting increasing pressure on the European Central Bank to raise interest rates by as much as 75 basis points at its next meeting in September.
German Central Bank President Joachim Nagel has called on the European Central Bank to act quickly and decisively raise interest rates to contain inflation.
While Joachim Nagel did not indicate a specific size of the expected increase, he defended a decisive move and emphasized the benefits of large rate increases.
It is noteworthy that the European Central raised interest rates by 50 basis points last month, at a time when speculation revolves around the possibility of raising it by 75 basis points at its next meeting in September, while analysts expect inflation rates to reach 10% this year.
