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Inflation in the euro countries rises to record high in July: 8.9%

Inflation in the eurozone accelerated last month and reached another record high. Compared to June last year, consumer prices rose by 8.9 percent, according to a new Eurostat overview. This is the highest percentage since the introduction of the euro in 1999. 

In the previous May, consumer prices had risen 8.6 percent, and experts had expected an acceleration to 8.7 percent. Inflation was again driven by energy prices, which rose by 39.7 percent year-on-year. Food and drink prices rose from 8.9 to 9.8 percent. 

The three Baltic countries again had the highest inflation of the euro countries with more than 20 percent. In Germany inflation was 8.5 percent, and in Belgium inflation reached 10.4% in July, or 0.1% less than in June. 

A week ago, the European Central Bank (ECB) raised its key interest rates for the first time in 11 years. Compared to other central banks, the ECB is reacting late, although its inflation target of two percent has been clearly exceeded for some time. 

At the same time, economic growth across the eurozone is higher than expected at 0.7 percent, against an expected 0.2 percent. Southern Europe surprised positively, while Germany reported zero growth in the second quarter.

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