Daily Management Review

Annual inflation in euro zone hits record 9.9%


According to figures from Eurostat, annual inflation in 19 eurozone nations increased from 9.1% in August to a record 9.9% in September. The European Union's (EU) annual inflation rate was 10.9% in September, up from 10.1% in August.

Pietro Naj-Oleari
Pietro Naj-Oleari
Annual inflation increased in 20 states, fell in six EU nations while remaining unchanged in one. Estonia (24.1%), Latvia (22.0%) and Lithuania (22.5%) had the highest inflation rates. Malta (7.4%), France (6.2%) and Finland (8.4%) had the lowest rates.

Estimates from Eurostat show that the cost of electricity has grown by 40.7% since September 2021. Services increased by 4.3% (up from 3.8% in August), non-energy industrial products increased by 5.5% (up from 5.1% in August), and food, alcohol, and tobacco all saw increases of 11.8% (10.6% in August).

Inflation in the euro zone previously peaked in August (9.1%). Analysts anticipate that the number will keep climbing through the end of this year. A recession is expected, according to S&P Global. According to the International Monetary Fund, global inflation will reach a peak of 9.5% in 2022 before declining to 4.1% by 2024.

source: ec.europa.eu