The inflation rate in the eurozone is continuing to rise to all-time highs. The latest estimate from the EU's statistics body is that inflation will be 9.1% per year in the eurozone.
Prices for food, alcohol, tobacco, non-energy industrial goods, and services have all gone up since July, when annual inflation in the eurozone was predicted to be 8.9%.
The Eurostat estimate for energy inflation in August is 38.3%, which is less than the estimate for July, which was 39.6%.
In Estonia and the Netherlands, inflation rose 2% from the previous month. Elsewhere, the UK’s inflation rate hit a 40-year-high of 10.1% in July, according to the ONS reported on August 17.
The biggest reason annual inflation rates went up between June and July, according to the UK's national statistics body, was because food prices went up. Inflation rose the most since 1982.
The first estimate, which came out on August 31, is the highest since the eurozone started keeping records in 1997.
Prices are going up everywhere on the continent, and the expected economic recovery from the coronavirus pandemic is being slowed down by a number of things.
The European Central Bank raised interest rates for the first time in 11 years by a bigger amount than expected. It did this to try to bring down inflation that has stayed high for a long time.
Since COVID-19 lockdowns began two years ago, food prices have risen. This has strained global supply chains, caused crops to rot, and caused panic-buying in supermarkets.