Inflation continues to spiral out of control throughout Europe.
RT:
Annual inflation in the Eurozone reached a record 8.9% in July, the latest data from the European Union’s statistics office Eurostat showed on Thursday.
The increase from 8.6% recorded in June is mostly down to energy prices, climbing steadily since the start of the year. The Consumer Price Index reached 7.4% in April and 8.1% in May.
Meanwhile, consumer prices in the 19 nations using the euro saw modest month-on-month growth of 0.1%.
Eurozone energy prices rose by 4.02% from June to July. Other key inflation drivers were food, alcohol and tobacco, which edged up 2.08%. Meanwhile, prices for services and non-energy industrial goods saw growth of 1.6% and 1.16%, respectively.
In July, the European Central Bank announced an interest rake hike for the first time in 11 years. The regulator vowed further interventions in the coming months, despite the risk of a recession.
The European economy is a disaster and it is only going to get worse. There are no serious policies being put into place to try to reverse this. Most European countries are continuing to go along with all the anti-Russian sanctions even though it is doing terrible harm to their own domestic economies. There’s already unrest spreading across the continent. The farmer protests in the Netherlands being the most prominent example.
Things are going to get really bad this winter. There’s going to be lots of people on the continent who won’t be able to afford basic necessities.
