Inflation Tops 9% in Eurozone, Piling Pressure on Policy Makers
Driven in parts by Russia’s economic war, inflation in Europe is overtaking the U.S.
Inflation in the eurozone rose to a fresh record in August, underscoring the economic shock dealt by Russia’s war in Ukraine and increasing the pressure on the European Central Bank to respond by raising interest rates aggressively next week.
Eurozone consumer prices were 9.1% higher than a year earlier, a pickup from the 8.9% rate of inflation recorded in July, the European Union’s statistics agency said Wednesday. That is the highest rate since records began in early 1997.