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Inflation: Prices in the euro area are rising as they have not for a long time

2021-09-17T10:36:35.866Z

Energy, machinery, food: prices in the euro area rose more sharply in August than they have been in ten years. Corona can only partially explain this.



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Euro symbol: numerous special items

Photo: RALPH ORLOWSKI / REUTERS

Inflation in the euro area increased significantly in August and reached its highest level in almost ten years.

According to a second estimate, the Eurostat statistics office announced on Friday in Luxembourg that consumer prices had risen by 3.0 percent compared to the previous year, thus confirming the first estimate.

It is the highest inflation rate since November 2011. In July the rate was 2.2 percent.

Energy rose particularly sharply again in August, which was 15.4 percent more expensive than a year earlier.

Industrial goods prices rose 2.6 percent.

Food and beverages cost 2.0 percent more than a year ago.

Services were 1.1 percent more expensive.

The core inflation rate excluding energy and food also increased significantly.

It increased from 0.7 percent to 1.6 percent.

Core inflation is considered by many economists to be a more reliable measure of inflation because it tends to fluctuate less.

The European Central Bank (ECB) is aiming for inflation of two percent in the medium term.

This rate is currently clearly exceeded.

However, the ECB does not want to take countermeasures because it regards the rise in inflation as temporary.

It refers to numerous special effects, most of which can be traced back to the corona crisis.

mik / dpa

Source: spiegel

All business articles on 2021-09-17

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