European stocks open lower on Thursday as markets are still unable to shrug off its fresh 40-year high inflation rate in May.
As of 15:10 local time in Thailand, German Dax dropped 1.40%, London’s FTSE slipped 0.82%, France CAC fell 1.16% and European STOXX600 decreased 1.28%.
Markets in Europe also closed lower yesterday as inflation in the UK reached a record 40-year high of 9.1% in May, fueled by rising food and energy prices that continue to worsen the country’s cost of living crisis.
The UK’s Office of National Statistics estimated that inflation “would last have been higher around 1982, where estimates range from nearly 11% in January down to approximately 6.5% in December.”
Housing and household services, especially electricity, gas, and other fuels, and transportation were the major contributors to the upward trend in the inflation rate.