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Inflation in European Union is now higher than in Britain

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Inflation in European Union is now higher than in Britain as rising energy and food prices hit families on continent

Inflation within the European Union is now higher than in Britain as rising energy and food prices hit families on the continent. 

A report by official statisticians Eurostat showed prices across the 27-nation bloc were 10.1 per cent higher last month than in August 2021. 

That was a sharper rise than the 9.9 per cent increase within the UK, and underlined the dimensions of the price of living crunch all over the world. 

Amongst EU countries, inflation was highest in Estonia at 25.2 per cent and lowest in France at 6.6 per cent. Within the eurozone it was 9.1 per cent. 

That was the best rate for the reason that euro was created in 1999. 

Prices all over the world have been driven higher by rising energy and food costs within the wake of the Ukraine war in addition to the aftermath of the Covid pandemic. 

The European Central Bank (ECB) raised rates within the eurozone by an unprecedented 0.75 percentage points last week and said further hikes were on the best way. 

Speaking on the French central bank yesterday, ECB president Christine Lagarde conceded that rate increases could hit growth. 

‘It’s possible, but it surely’s a risk we’ve got to take,’ she said.

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