Europe’s economy is looking bleaker by the day as eurozone inflation hit a new record high this month.
According to flash figures from Eurostat, the European Commission’s statistics office, consumer prices surged 9.1% in August, outpacing the consensus forecast of 9%, and up from 8.9% in July.
This is the ninth consecutive record for consumer price rises in the region.
Germany, the region’s biggest economy, saw inflation reach its highest level in almost half a century at 8.8%, while Estonia currently has the highest inflation rate in the euro zone, at a hefty 25.2%. followed by Lithuania at 21.1% and Latvia at 20.8%.