Beautiful Virgin Islands

Thursday, Mar 23, 2023

Eurozone inflation hits 8.9% record high

Eurozone inflation hits 8.9% record high

Data will add pressure on the European Central Bank to hike rates in September

Inflation across the Eurozone soared to a record high this month as energy prices, inflation and the cost of living squeeze continue to wreak economic havoc.

The leap in consumer prices across the 19 countries that share the Euro as a common currency jumped from 8.9% in July up from 8.6% in the previous month.

Inflationary pressure shows no sign of loosening its grip as Russia threatens to downgrade gas supplies to several European countries including European economic engine driver Germany that has been hit by cuts in supply from the Nordstream 1 pipeline and is now thought to be teetering on the brink of recession.

Germany is now said to be operating at less than a fifth of its normal energy supply capacity.

Before Russia’s invasion of Ukraine, Germany imported more than half of its gas from Russia with the majority flowing through the pipeline.

High energy prices, although the major pressure stopping a tempering of inflation, were not the only factor as service prices and food also added to the mix.

To combat spiralling inflation the European Central Bank (EBC) that provides the fiscal anchor for the 19 states raised interest rates by 50 basis points earlier this month.

The new data will add pressure on the ECB to hike rates by a further half a percentage point in September to control the economic tailspin caused by the inflationary jet wash.

Although inflation may be on an upward climb, data recently released by Eurostat the statistics office of the European Union, said that the Eurozone economy grew by 0.7% on the quarter, jumping from 0.5% in the first three months of the year rallying against a significant market slowdown.

The performance was driven by growth in Spain, which was boosted by a 1.1% rise in Gross Domestic Product (GDP), and Italy, which expanded by 1%.

However, countries including Latvia dropped 1.4% and Lithuania was down 0.4% on the quarter.

In Germany economic growth levelled, while it expanded by 0.5% in France, the eurozone’s second largest economy.

Newsletter

Related Articles

Beautiful Virgin Islands
Close
0:00
0:00
Donald Trump arrested – Twitter goes wild with doctored pictures
I have a dream, MLK inspiring speech
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Aretha Franklin, Marvis Staples - Oh Happy Day
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
BVI Freedom Song
Home Secretary Suella Braverman tours potential migrant housing in Rwanda as asylum deal remains mired in legal challenges
Billy Preston - You Can't Beat God Giving (Live)
Paris Rioting vs Macron anti democratic law
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
'Sexual Fantasy' Assignment At US School Outrages Parents
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Credit Suisse to borrow $54 billion from Swiss central bank
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Russian Hackers Preparing New Cyber Assault Against Ukraine
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Jeremy Hunt insists his Budget will get young parents and over-50s back into work
Hello Dolly
If this was in Tehran, Moscow or Hong Kong
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Nashville police officer, and a female driver shooting one another
Bob Marley - Get Up Stand Up
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
Yes He Can
Mexican President Claims Mexico is Safer than the U.S.
What A Friend We Have In Jesus
A brief banking situation report
Unforgettable
Lady bites police officer and gets instantly reaction
Touch The Hem Of His Garment
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
The Lord's Prayer
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
THE GOD MOVEMENT...BEAUTIFUL BVI
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Siyahamba
Silicon Valley Bank exec was Lehman Brothers CFO
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
Ramblin' Rose
BBC Director General, Tim Davie, has apologized, but not resigned, yet, following the disruption of sports programmes over the weekend
Protoje - Who Knows ft. Chronixx
A Mississippian man, who was once considered a “ticking time bomb,” has lost a whopping 165 kilograms! What motivated this incredible transformation?
Pressure - Virgin Islands Nice
Elon Musk Is Planning To Build A Town In Texas For His Employees
Phil Wickham - House Of The Lord
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
My God Is Real (Yes, God Is Real)
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
Fitness scam
Louis Armstrong - When The Saints Go Marching In
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Kanye West Sunday Service - hallelujah, salvation, and glory
A primitive judge in Australia sparked outrage when he told a breastfeeding woman to leave his courtroom for being “a distraction"
Jonathan Nelson - I Believe (Island Medley
Barcelona is feeling the heat as they face corruption charges over payments to former vice-president of Spain's referees' committee, Jose Maria Enriquez Negreira
From The Virgin Islands Sqad Up
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Common, John Legend - Glory
Banking regulators close SVB, the largest bank failure since the financial crisis
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
I have a dream, MLK inspiring speech
Old clip of Bill Gates saying Ukraine is a big, fat, corrupt sinkhole is going viral
Aretha Franklin, Marvis Staples - Oh Happy Day
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
BVI Freedom Song
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
Billy Preston - You Can't Beat God Giving (Live)
JP Morgan Becomes First Bank to Predict UK Will Avoid Recession
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
JP Morgan Becomes First Bank to Predict UK Will Avoid Recession
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
How do stolen goods end up on Amazon, eBay and Facebook Marketplace?
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
It's the question on everyone's lips: could a four-day workweek be the future of employment?
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Hello Dolly
Spain officials quit over trains that were too wide for tunnels...
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Don Lemon, a CNN anchor, has provided a list of five areas that he believes the black community needs to address.
Bob Marley - Get Up Stand Up
Hello. Here is our news digest from London.
Yes He Can
×