CNBC: Euro zone inflation hits record high of 10.7% as growth slows sharply
* Preliminary data on Monday from Europe’s statistics office showed headline inflation came in at an annual 10.7% this month.
* This represents the highest ever monthly reading since the euro zone’s formation. The 19-member bloc has faced higher prices, particularly on energy and food, for the past 12 months.
* But the increases have been accentuated by Russia’s invasion of Ukraine in late February.
Euro zone inflation rose above the 10% level in the month of October, highlighting the severity of the cost-of-living crisis in the region and adding more pressure on the European Central Bank.
Preliminary data on Monday from Europe’s statistics office showed headline inflation came in at an annual 10.7% this month. This represents the highest ever monthly reading since the euro zone’s formation. The 19-member bloc has faced higher prices, particularly on energy and food, for the past 12 months. But the increases have been accentuated by Russia’s invasion of Ukraine in late February.
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WNU Editor: If interest rates are not increased significantly, and soon, inflation in Europe is only going to get worse. And when you factor in inflation, economic growth is actually in the negative.
This is what you see in an undeveloped country.
And it is going to get worse.
On December 5 the EU's embargo on Russian oil comes into effect. The disruption in oil markets and supply chains from this one act alone will result in even higher prices for oil and other energy supplies.
If you want to industrialize the EU and put the economy into a depression, this is the way to do it.
Inflation In Europe Reaches A Record 10.7%. Economic Growth Slows Sharply
Inflation hits new record in Europe, slowing economy -- AP
Euro-Zone Inflation Soars to New Record as Economy Fades -- Bloomberg
Euro zone inflation soars past forecasts to new record high -- Eurozone/Reuters
Inflation in Europe Reaches a Record 10.7% as Officials Face Hard Options -- NYTimes
Eurozone inflation jumps to record-high 10.7% -- DW
Cost of living: Eurozone inflation rises far more than expected to hit record 10.7% -- SKY News
Q: What did socialists use before candles?
ReplyDeleteA: Electricity.
OLD,
JOKE,
R,
Little Miss Merkel got rid of coal, because of the Greens.
ReplyDeleteLittle Miss Merkel got rid of nuclear power, because of the Greens.
A prominent spokesperson for the Greens is an autistic high school drop out, who merely reads lines given to her. Yo knw Greta Thunberg cannot put pencil to paper and calculate much of anything.
However, reading is a well paying gig just ask many news anchors. In the US they call them news anchors. In Britain they are more honest and call them news readers. That is about how smart Dan Rather, Greta Thunberg and the rest are. Unlike a Hollywood actor, they do not have to memorize their lines, they read them off paper or a teleprompter like Senile Joe.