Record eurozone inflation: Which countries in Europe are being worst hit as energy prices soar?
The UK’s inflation rate has surged to a 40-year-high of 10.1 per cent in July, the Organisaton of National Statistics (ONS) reported on August 17.
Rising food prices made the largest upward contribution to annual inflation rates between June and July, the UK's national statistics body said amid the highest inflation hike since 1982.
Inflation in the eurozone is also continuing to soar to record highs, hitting 8.9 per cent in July according to the latest data.
That's up from 8.6 per cent in June, 8.1 per cent in May, and 7.4 per cent in April, as Europeans continue to see soaring energy and food prices fuelled in part by Russia’s war in Ukraine.
The preliminary estimate published on July 29 by Eurostat, the European Union's statistical office, is the highest since recordkeeping for the eurozone began in 1997.
The steepest annual inflation rate in this estimate was once again for energy prices, at 39.7 per cent - down from 42 per cent in June.
That's followed by food, alcohol & tobacco (9.8 per cent, compared with 8.9 per cent in June), non-energy industrial goods (4.5 per cent, compared with 4.3 per cent in June) and services (3.7 per cent, compared with 3.4 per cent in June).
Every corner of the continent is facing rising prices, with Europe's expected economic bounceback from the coronavirus pandemic being hampered by a number of factors.
Russia is facing inflation of 15.9 per cent, down from 17.1 per cent in May.
Here is a look at the inflation rate in each country in Europe:
Following in the footsteps of its counterparts in other parts of the world, the European Central Bank raised interest rates for the first time in 11 years by a larger-than-expected amount, as it targets stubbornly high inflation.
The move, announced on
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