Inflation in European countries at record highs. Inflation reached 8.9 percent in July in the 19 eurozone countries that use the euro as their currency. This is the highest rate since 1997. It was 8.6 percent in June. The figures were released by the European Union Statistics Agency.
39.7 percent increase in fuel prices. Food, liquor and tobacco prices rose by 9.8 percent. The economic crisis following the war in Ukraine is reflected in the Eurozone, which is close to the war zone. Experts observe that Europe, like the United States, will slip into recession by the end of the year or early next year.
The European Central Bank raised interest rates sharply last week for the first time in 11 years to control inflation.
It will be increased again in September. With the crisis of oil imports from Russia, the European Union countries have taken steps to reduce fuel consumption by 15 percent.
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