Inflation rates hit 9.1% in Europe with Spain sitting at 10.3%

Inflation has increased a whopping 9.1 per cent in Europe, with Spain sitting high on the leader board, according to a new report by Eurostat, as reported on Wednesday, August 31.

The rate of inflation in Europe saw the increase during the month of August, with Spain above average, currently sitting at an inflation rate of 10.3 per cent.

“Euro area annual inflation is expected to be 9.1% in August 2022, up from 8.9% in July according to a flash estimate from Eurostat, the statistical office of the European Union.”

“Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in August (38.3%, compared with 39.6% in July), followed by food, alcohol & tobacco (10.6%, compared with 9.8% in July), non-energy industrial goods (5.0%, compared with 4.5% in July) and services (3.8%, compared with 3.7% in July),’ read the official statement.

Estonia sat the highest with an inflation rate of 25.2 per cent in August, followed by Lithuania with 21.1 per cent, Latvia with 20.8 and Slovakia with 13.3 per cent.

The countries with the lowest inflation rates in August were France with 6.5 per cent, followed by Malta with 7.1 per cent and Finland with 7.6 per cent.

The news follows reports of Spain’s estimated annual CPI inflation in August hitting 10.4 per cent according to the National Statistic Institute (INE) on Tuesday, August 30.

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