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Eurozone CPI hits record high in July

The final value of the Eurozone Consumer Price Index (CPI) rose by 8.9% year-on-year in July, up 0.3 percentage points from June, and continued to hit a new record high. During the period, the final core CPI for food, alcohol and tobacco costs also rose to 4% from 3.7% in the previous month. In the face of high inflation in the region, European Central Bank executive member Schnabel said on Thursday (18th) that since the interest rate hike in July, the inflation outlook in the region has not improved. This shows that even in the face of heightened recession risks, it is inclined to support another sharp rate hike at the European Central Bank's meeting on September 8.
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