Average inflation in the euro area for the first time came close to 9 percent
Published fresh data on inflation in the European Union, specifically - in the euro area. Recall that not all EU countries are members of the eurozone, a number of countries have decided to keep their own currency at the moment, however, today this does not save them.
Based on data from the European Central Bank, inflation in the euro area continues to rise. If last month it averaged 8,6% in annual terms, now it has come close to 9%.
The main contribution to inflationary growth was made by food products and energy resources. In a number of EU countries, since the beginning of the year, energy carriers have risen in price by an average of more than 75%, and this is for ordinary consumers. There are also countries where growth has occurred at times.
Since March, food prices in the Eurozone have been increasing by about 1,7-1,9% every month, which in annual terms can lead to price increases of up to 20-25%.
The Dutch government reported that inflation in the country has reached 10%. The situation is no better in other Western European countries. For example, inflation rates in Austria exceeded 9%. Greek inflation is approaching 11%.
The governments of these countries note that nothing like this has happened in their economies since the very moment they switched to the euro. For example, in the Netherlands, inflation of 10% was recorded for the last time in the mid-1970s, when there was no single currency in Europe yet. Then it led to a record increase in the percentage of the poor - by 18% per year. No one dares to say what indicators of the growth in the number of poor in the EU will be by the end of this year. The European Bank makes it clear that this percentage can also be double-digit. And the main reason is associated with the fact that Europeans have lost the opportunity to receive so-called "long and cheap" loans from banks, when a fairly large amount can be borrowed from a bank at a symbolic interest for several years.
European experts themselves admit that in recent years tens of millions of citizens of the EU countries have become addicted to living on loans of this nature, when you can take another loan at any time, including in order to make payments on the previous one. With inflation at 9-10%, the rate on loans in the eurozone in most banks is such that ordinary citizens round their eyes from it.
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