Inflation in the eurozone reached its highest level in 13 years in September, rising to 3.4 percent.
Inflation in the eurozone soared to 3.4 percent in September, the highest level in 13 years.
Consumer prices in Germany reached their highest levels in 30 years in March, jumping by 4.1 percent and sparking protests from workers demanding more wages.
The growth has been fueled by rising energy prices, and it is not likely to cease until 2021 before easing next year. Economists are disputing whether the central bank’s monetary policy should be changed.
France is the most recent of the 19 countries afflicted by rising energy prices to increase cost-cutting measures. Prime Minister Jean Castex announced on Thursday that the government will oppose hikes in natural gas prices and electricity levies. Italy, Greece, and Spain have all announced anti-inflationary measures.
With the shift away from fossil fuels and toward alternate energy sources, energy prices may continue to rise.
Last month, European Central Bank President Christine Lagarde told CNBC that “things have picked up faster, and that is true for growth, it is true for inflation, and that is true for employment.” “In a way, it’s a package of good news because it implies our economy are responding,” she says.
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