Prices in the eurozone countries broke the record since the world’s global financial crisis, reports Associated Press.
According to Eurostat, in October, inflation in the eurozone was 4.1 percent in annual terms, which is higher compared to 3.4 percent in September. The inflation jump has twice the target indicator of the European Central Bank (ECB) of two percent.
According to the ECB, inflation is due to the increase in the cost of fuel, as well as higher demand, leading a proposal. Representatives of the ECB expect the conditions to be temporary. They noted that the Bank will maintain measures to stimulate the economy, launched during the coronavirus pandemic, until the end of March 2022. Eurostat also indicated that the growth of the Eurozone GDP amounted to 2.2 percent in the third quarter compared with 2.1 percent in the second quarter.
According to the report of the International Energy Agency (MEA), the energy crisis has threatened the rapid restoration of the global economy. It can slow down due to high prices for fossil fuel. In addition, the turning off of electricity due to the high cost of energy and its deficit will also reduce production activity. In September, in the largest economy of Europe, the rise in prices has reached a maximum in almost three decades: inflation in Germany increased to 4.1 percent in September.