Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.

Eurozone inflation hits yet another record

  • By Al Mayadeen English
  • Source: Agencies
  • 29 Jul 2022 17:14
3 Min Read

Annual inflation in the eurozone's 19 countries has risen to 8.9% in July, up from 8.6% in June.

  • x
  • Inflation in the euro zone rise as energy and food prices soar.
    Inflation in the euro zone rises as energy and food prices soar.

Inflation in the eurozone reached a new high in July, pushed up by higher energy prices caused in part by the war in Ukraine, though the economy managed some meager growth.

Furthermore, the consumer price index (CPI) peak could be months away, putting pressure on the European Central Bank (ECB) to hike interest rates again in September.

Annual inflation in the eurozone's 19 countries rose to 8.9% in July, up from 8.6% in June, according to the latest figures released Friday by the European Union statistics agency.

Inflation has been at its highest level since 1997 when the euro was introduced.

Energy prices increased by 39.7%, slightly less than the previous month, while food, alcohol, and tobacco prices increased by 9.8%, faster than the previous month.

Meanwhile, the eurozone's economy expanded from April to June, increasing by 0.7% over the previous quarter and by 4% over the same period in 2021.

In contrast, the US economy has contracted for two consecutive quarters, raising fears of a recession with inflation at 40-year highs. However, the job market is stronger than it was before the COVID-19 pandemic, and most economists, including Federal Reserve (Fed) Chair Jerome Powell, do not believe the economy is in recession.

Related News

Bulgaria faces protests as Euro adoption nears approval

German economy shrinks 0.3% in 2023

Many, however, believe that an economic downturn in the United States will begin later this year or the next, much like in Europe.

Europe's proximity to Ukraine, as well as its reliance on Russian energy, puts it at risk of recession as Moscow restricts natural gas flows that power factories use to generate electricity and heat homes in the winter.

More cuts this week through Nord Stream 1, a major pipeline to Germany, have heightened fears that the Kremlin will completely cut off supplies. Rationing for energy-intensive industries would be forced, and already record-high levels of inflation would be exacerbated by soaring energy prices, threatening to plunge the 27-nation bloc into recession.

While European Union governments approved a measure this week to reduce gas consumption by 15% and passed tax cuts and subsidies to alleviate a cost-of-living crisis, Europe will suffer as a result of its batches of sanctions against Russia.

Read more: Reckless US sanctions on Russia trigger global inflation - The Global Times

A cold winter with high demand for natural gas could deplete storage levels, which governments are now scrambling to fill but have been made noticeably more difficult by Russia's cuts.

Economists' forecasts differ on the impact on economic output, particularly country by country, but ING bank estimates that a complete cutoff of Russian gas to the 19 eurozone countries would cost 1% to 3% of GDP in the short run.

To combat rising inflation, the European Central Bank raised interest rates last week by a larger-than-expected half-point for the first time in 11 years. It will be followed by another increase in September.

Fearing the outsized impact of soaring energy prices linked to the war, the ECB had lagged behind other central banks such as the Fed and the Bank of England in making credit more expensive.

  • Eurozone
  • inflation
  • European Union
  • annual inflation

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025
Launch of a ballistic missile from Yemen toward the occupied Palestinian territories. (YAF military media)

Yemeni Forces announce firing hypersonic missile at Al-Lydd Airport

  • Politics
  • 22 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

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