The initial outbreak of inflation was fueled by Russia’s invasion of Ukraine, which sent energy and food prices higher. Three countries came in under the ECB’s 2% goal: Luxembourg at 1%, Belgium at 1.6% and Spain at 1.6%. Germany, Europe’s largest economy, recorded 6.8%, and France saw 5.3%. Inflation varied widely across the eurozone - Slovakia had the highest at 11.3%. While that is a big drop from the peak of 10.6% in October, persistently high prices in the U.S., Europe and the United Kingdom pushed some of the world’s top central bankers to make clear they are going to keep raising rates and leave them there until inflation drops to their 2% goal considered best for the economy.Ĭonsumers in Europe saw relief on energy costs, which dropped 5.6% after last year’s crisis, while food prices rose 11.7% from a year earlier, easing from 12.5% in May.Ĭore inflation, which excludes volatile food and fuel costs and offers a clearer picture of longer-term price pressures, rose slightly to 5.4% from 5.3% the month before. The annual rate of 5.5% was down from 6.1% in May in the 20 countries that use the euro currency, the European Union statistics agency Eurostat said Friday. FRANKFURT, Germany (AP) - Inflation in Europe slid again in June but fell too slowly to offer much relief to shoppers grumbling over price tags or to stop more interest rate hikes that will raise the cost of borrowing across the economy.
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