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Eurozone inflation hits record high

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The European Central Bank could consider a massive interest rate hike at its meeting next week.

As a result of August, consumer prices in the 19 eurozone countries jumped by 9.1% compared to August last year. This is a new record, according to Bloomberg on Wednesday, August 31.

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“Eurozone inflation has accelerated to another all-time high, strengthening the case for the European Central Bank (ECB) to consider a massive interest rate hike at its meeting next week,” it said.

The core inflation indicator rose to a new high of 4.3%, so price pressure continues to expand.

“Now the question is whether there is enough data to push the ECB to raise the rate by 75 basis points… Such a hike has already been applied twice by the Federal Reserve, although ECB officials have warned against following suit while Europe is heading for a recession, ” – wrote the agency.

It will be remembered that in July the inflation rate in the euro area increased to 8.9%. This is also a historic high. In the same month, the ECB raised interest rates for the first time in 11 years.

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Source: korrespondent

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