Eurostat: Inflation rates highest on record in the EU and the euro zone

NEWS 19.07.2022 17:05
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Source: Pixabay / Ilustracija

The inflation rate in the 27-member European Union and in the 19-member euro zone reached record highs in June, spurred mainly by energy and food prices, Croatian state agency Hina reported on Tuesday citing Eurostat.

In June 2022 the year-on-year inflation rate in the EU reached a record-high 9.6 percent, up by 0.8 percentage points from May, while in the euro zone it increased by 0.5 percentage points climbing to 8.6 percent, “its highest level since Eurostat started publishing data,” Hina said.

Hina did not say when did Eurostat begin publishing this data.

In June 2021, consumer prices at the Union level increased by 2.2 percent year-on-year, and by 1.9 percent in the euro zone. The record inflation rate is mostly due to the 42 percent increase in energy prices.

“Inflation has accelerated in 24 EU countries, including Croatia, and has slowed down only in Germany and the Netherlands,” Hina said, without explaining which remaining country of the 27-country bloc was left out of the statistic.

“The inflation rate in June in most EU members states, including Croatia, was in the double-digits,” Hina added. The highest rates were recorded in Estonia (22.0 percent), Lithuania (20.5 percent) and Latvia (19.2 percent).

Prices in Germany, which is Croatia’s largest trade partner, increased by 8.2 percent year-on-year, a little slower than in May when they jumped 8.7 percent. The annual inflation rate in Croatia in June reached a record 12.1 percent in June. In May it was at 10.7 percent, and in June 2021 it was 2.2 percent.

The lowest inflation rates were registered in Malta (6.1 percent), France (6.5 percent) and Finland (8.1 percent).

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