Inflation Tops 10% in European Union

Eurozone inflation reached 9.1% in August, more than tripling year-on-year, with food and energy prices remaining on an upward curve, the European Statistical Office (Eurostat) said in a report published on Friday.

"The euro area annual inflation rate was 9.1% in August 2022, up from 8.9% in July. A year earlier, the rate was 3.0%," the EU statistical office said.  

In August, the largest contributor to the annual euro area inflation rate was energy, followed by food, alcohol and tobacco, services and non-energy industrial goods, Eurostat said.

"European Union annual inflation was 10.1% in August 2022, up from 9.8% in July," Eurostat said, adding that a year earlier, this figure was 3.2%.

The lowest annual inflation rates were recorded in France at 6.6%, Malta at 7% and Finland at 7.9%, while the highest annual rates were seen in Estonia at 25.2%, Latvia at 21.4% and Lithuania at 21.1%.

Inflation accelerated in Europe and food and energy prices skyrocketed against the backdrop of the start of Russia's special military operation in Ukraine and the adoption by the West of several packages of sanctions against Moscow.

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