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Eurozone CPI hits record high again in August

The initial value of the Eurozone consumer price index (CPI) in August continued to rise to 9.1%, up 0.2 percentage points from the previous month and set a new record high. The market originally expected it to be 9%, mainly driven by the rise in energy and food prices. The two increased by 38.3% and 10.6% year-on-year respectively. During the same period, the core CPI excluding food and energy continued to increase by 5.5% year-on-year, which was also higher than market expectations and the previous value of 5.1%. The data shows that even though the global oil and food prices have dropped a lot from their highs this year, coupled with government energy subsidies and other measures, it will not help much to suppress inflation in the region. It shows that the weak euro and the impact of the Russian-Ukrainian incident on European inflation are obviously more far-reaching than market expectations.
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