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Eurozone’s annual inflation hits 9.1% in August

Eurozone’s annual inflation hits 9.1% in August

Arab Finance: Annual inflation in the Eurozone is estimated to grow to 9.1% in August, compared to 8.9% in July, according to a flash estimate released by the statistical office of the European Union (Eurostat) on August 31st.

Energy is estimated to have seen the highest annual inflation rate of 38.3% in August, compared to 39.6% in July, followed by the food, alcohol, and tobacco segment which increased to 10.6% from 9.8% in July.

As per estimates, inflation of non-energy industrial goods hit 5% in August, versus 4.5% in July, while the services segment recorded an annual rate of 3.8% from 3.7% in July.

In the second quarter (Q2) of 2022, gross domestic product (GDP) in the Eurozone rose 3.9% year-on-year (YoY) and 0.6% quarter-on-quarter (QoQ).

It is worth noting that Eurozone is the monetary union of 19 countries that use the euro out of the European Union (EU) which comprises 27 member states.

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