Greece’s annual inflation rate is expected to jump to 3.0% in October from 1.9% in September, while the inflation rate in the Eurozone is projected to reach 4.1% from 3.4%, over the same months respectively, to a new 13-year high, Eurostat said in a report on Friday.
The EU executive’s statistics arm said that this development in the Eurozone reflected mainly a 23.5% jump in energy prices in October (+17.6% in September), followed by a 2.1% price increase in services (1.7% in September), a 2.0% rise in energy industrial goods (2.1% in September) and a 2.0% rise in food/alcohol/tobacco (2.1% in September).
Malta (1.4%), Portugal (1.8%) and Finland (2.8%) recorded the lowest annual inflation rates, while Lithuania (8.2%), Estonia (7.4%), Latvia (6%) and Spain (5.5%) the highest rates. [amna]
PS By these price hikes in the country in last few months no wonder….
I wish people would stop using “inflation” to mean “price increases”. Inflation means increasing, i.e. inflating, the money supply. That cause price increases because more money is chasing the same amount of goods or services. The price increases occur where the newly created money is spent.
During the financial crisis there was massive inflation of the money supply but all the newly created money was used to purchase bonds so it created massive price increases in the bond market, especially in government bonds, but very little in the real economy. That suits governments very well since increasing bond prices reduces bond yields and allows governments to issue new bonds at lower interest rates.
During the pandemic there was also massive inflation of the money supply but this time it was spent into the real economy and hence is causing price increases there. Prices are also increasing, in some cases, because of supply/demand imbalances. It is pretty much impossible to distinguish which price rises are due to which cause.
€ = quantative easing Ponzi scheme ,created by Germans for the German industrial elite .