Inflation in the euro area remained just below 10 percent in September. However, based on definitive figures, the European statistical office Eurostat reported that life in the euro area became 9.9 percent more expensive last month than a year ago.
An inflation rate of exactly 10 percent was previously reported for September. However, in August, inflation was still 9.1 percent.
Despite the slight adjustment, inflation has thus risen to a new record. Of course, inflation has been very high for some time because gas and electricity prices have risen sharply. But those higher energy costs are also increasingly affecting food prices.
Inflation in the Netherlands is significantly higher than the average in the eurozone. According to the European measurement method, Dutch inflation amounted to 17.1 percent annually in September, as previously reported in the preliminary figures. That is the highest figure ever measured in the Netherlands. Estonia has the highest inflation rate of the euro countries at 24.1 percent. France has the lowest inflation at 6.2 percent.
Eurozone inflation may also not have peaked yet. President Christine Lagarde of the European Central Bank (ECB) stated earlier this month that it is difficult to predict whether the overall price level will rise further or not. However, Lagarde emphasized that inflation is already “undesirably high” and that the ECB is determined to reduce it to the target of 2 percent.
The ECB has started raising interest rates this year to fight inflation. At the last interest rate meeting, there was even talk of an increase of three-quarters of a percentage point. A substantial interest rate hike is widely expected for October.