Inflation in the Euro zone reached a new record high of 9.1% in August. This was primarily due to rising energy prices, according to preliminary data from Europe’s statistical office Eurostat on Wednesday.
The rate exceeded forecasts, with economists polled by Reuters expecting a rate of 9%.
The region’s consumer price index has risen for the ninth month in a row, setting a new high since the increase began in November 2021. In July, headline inflation in the Eurozone reached 8.9%.
Energy had the highest annual inflation rate of 38.3%, according to Eurostat, down marginally from 39.6% in July. The recent heat waves across the continent have had a ripple effect, driving up prices for food, alcohol, and tobacco by 10.6% compared to 9.8% in July.
Prices for non-energy industrial products such as apparel, home appliances, and cars rose by 5% year over year in August, up 0.5% from last month, while prices for services rose by 3.8%, up 0.1% from the previous month.