Eurozone Inflation Hits Record 10%

Highest in the history of the euro

Image Credits: Doug Armand / Getty Images.

Inflation in the 19-member eurozone reached 10% in September, the highest it has ever been in the history of the common European currency, according to the latest flash estimate from Eurostat, the EU statistics agency.

This is up from the 9.1% seen in August. Just one year ago, inflation was 3.2%.

Soaring energy prices the chief contributor

The high inflation figure comes as the region experiences soaring electricity and natural gas prices, and also comes amid forecasts of a looming recession. 

The price of energy has risen 40.8% when compared to last year’s prices, while the cost of food, alcohol and tobacco rose 11.8% in September, up from the 10.6% recorded in August.

The inflation figure in Estonia for September was pegged at a whopping 24.2%, a little lower than the 25.2% seen in August, but also the highest in the eurozone.

Lithuania, Latvia and Netherlands follow closely with their rates of inflation sitting at 22.5%, 22.4% and 17.1%, respectively.

According to Eurostat, German inflation is sitting at 10.9%. Berlin on Thursday presented a new €200 billion ($196 billion) relief plan in a bid to counter soaring energy prices.

Throttled supply of gas from Russia has caused prices to skyrocket and has led European officials to accuse state-run Gazprom of energy blackmail.

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