By Joshua Manning • 19 July 2022 • 14:08
Inflation soars 9.6% in Europe with Spain among the most affected countries Credit: Leonid Sorokin/Shutterstock.com
The rate of inflation in Europe saw the increase during the month of May, with Spain above average, currently sitting at an inflation rate of 10.2 per cent.
According to Eurostat data, energy has risen by 42 per cent when compared with June 2021 in the euro area. On the fresh food side, it has risen by 11.2 per cent from a year ago, the highest level ever recorded.
Spain is not the European country with the highest inflation, beaten by countries such as Estonia, which had the highest rate in the EU, with 22 per cent; Lithuania (20.5 per cent), Latvia (19.2 per cent, the Czech Republic (16.6 per cent), Poland (14.2 per cent), Hungary (12.6 per cent) and Croatia (12.1 per cent).
The European countries with the lowest inflation in June was Malta (6.1 per cent).
The Eurostat highlighted that “EU industrial production continued to increase and production in construction bounced back, while retail trade remained stable in May 2022. ”
“The EU economy, however, remained vulnerable to shocks in commodity markets. Inflation reached a new record high level in June 2022, continuing a sharp acceleration of energy and food prices.”
They also stressed that EU economic sentiment had fallen for the fourth month in a row in June 2022, dropping further below its pre-pandemic level but still remaining above its long-term average.
The decrease was allegedly due to “weaker confidence among construction managers, consumers, and to a lesser extent, retail trade managers.”
The news follows Spain seeing a price increase of 10.2 per cent in the month of June according to the National Statistic Institute on, Wednesday, July 13.
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Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at email@example.com.
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