• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. Europe
  4. Eurozone inflation goes up to 7% for first time in 7 months
Europe

Eurozone inflation goes up to 7% for first time in 7 months

  • By Al Mayadeen English
  • Source: Agencies
  • 19 May 13:14

According to Eurostat, Latvia maintains the highest inflation at 15%, followed by Slovakia, Lithuania, and Estonia.

  • sgvsegsfg
    A torn European Union flag is placed on euro banknotes on September 7, 2022. (Reuters)

Citing preliminary data, the European Union’s statistics office Eurostat reported on Wednesday, that inflation in the Eurozone has gone up for the first time in five months to 7%.

This follows after Eurostat relayed that consumer prices increased in March from 6.9% as higher services and energy costs offset a slowdown in food price growth.

Services inflation, driven by labor costs, jumped to 5.2% in April from 5.1% in March, while energy prices were back up after a slight decrease in March, and food, alcohol, and tobacco prices increased 2.75% in April but were lower than the 3.12% jump in March.

Excluding food and energy prices, core inflation slowed down from 7.5% to 7.3%.

According to Eurostat, Latvia maintains the bloc's highest inflation at 15%, followed by Slovakia, Lithuania, and Estonia.

Inflation has been recording above the European Central Bank’s (ECB) 2% target for nearly two years, with rates being hiked since last July to curb double-digit growth in consumer prices. Rates were increased last week to 3.25% by the ECB and another hike is due at its next meeting in June.

The European Union faced a massive energy crisis and a hike in inflation after the start of the war in Ukraine. The situation worsened ever since the Western sanctions against Russia were implemented, disrupting supply chains and energy prices.

"The highest annual rates were recorded in Hungary (26.2%), Latvia (21.4%), and Czechia (19.1%). Compared with December, annual inflation fell in eighteen Member States and rose in nine," Eurostat added back in February.

Read next: Eurozone economy set to shrink in 2023 due to high inflation: Reports

  • Latvia
  • Eurozone
  • Europe
  • inflation
  • eurostat
  • European Union

Trending Now

All
The US scapegoat: Europe dragged into yet another conflict

The US scapegoat: Europe dragged into yet another conflict

Most Read

Haaretz

Mossad agent killed in Italy part of anti-Iran mission: Israeli media

  • Europe
  • 3 Jun
In this image released by the Italian firefighters, a helicopter searches for missing passengers after a tourist boat capsized in a storm on Italy's Lago Maggiore in the northern Lombardy region, May 28, 2023 (AP)

Top Israeli intelligence official dead in Italy: Israeli media

  • Europe
  • 29 May
US linguist Noam Chomsky, who was among 550 academics who signed the petition calling on Glasgow University to respect free speech (AFP)

Chomsky: EU will deindustrialize if it abides by US-run world order

  • Europe
  • 31 May
Singer Adele performs during the Oscars at the Dolby Theatre on Sunday Feb. 24, 2013, in Los Angeles. (AP)

Calls for Adele to cancel her 'Israel' concert

  • Palestine
  • 31 May

Read this

All
Brazil
Latin America

Brazilian feds formally charge 2 more in murder of Philips and Pereira

  • Today
A man cycles past graffiti on in the Tower Hamlets neighborhood in London, Friday, July 22, 2022. (AP)
Europe

UK youngsters face increasing exploitation risk as poverty increases

  • Today
U.S. President Joe Biden, right, listens to British Prime Minister Rishi Sunak during a meeting on the sidelines of the G20 summit meeting, Nov. 16, 2022, in Nusa Dua, Bali, Indonesia. (AP)
US & Canada

Sunak to lobby for Sec Def to be next NATO head, seeks Biden's support

  • Today
Zlatan Ibrahimovic gestures to his fans during a football match (AFP)
Europe

Football Legend Zlatan Ibrahimovic retires at 41

  • Today
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS