The European Statistics Office (Eurostat) has released the Eurozone’s annual inflation leading data for September.
According to the data, annual inflation in the Eurozone, which was 9.1 percent in August, rose to 10 percent in September.
Looking at the main components of inflation in the Eurozone in September, the highest annual inflation was in energy with 40.8 percent. Energy was followed by food, alcohol and tobacco products with 11.8 percent, non-energy industrial products with 5.6 percent and services with 4.3 percent.
In September, inflation was 10.9 percent in Germany, 9.5 percent in Italy, 9.3 percent in Spain, 12 percent in Belgium, 12.1 percent in Greece, 11 percent in Austria, and Slovenia. 10.6 percent in Slovakia, 13.6 percent in Slovakia, 17.1 percent in the Netherlands, 22.4 percent in Latvia, 22.5 percent in Lithuania and 24.2 percent in Estonia.
Thus, inflation in the Eurozone in August reached the highest level measured since the last 25 years for which data were collected by Eurostat.
Inflation in the Eurozone reached double digits for the first time.
Market expectations were for the Eurozone inflation rate to be 9.7 percent in September. The data released exceeded market expectations.
Inflation, which has also peaked in recent months, is above the 2 percent target of the European Central Bank (ECB).
AT THE HIGHEST LEVEL OF THE LAST 70 YEARS IN AUSTRIA
Inflation in Austria reached its highest level in 70 years with 10.5 percent per annum in September.
Announcing that the inflation rate in Austria rose to 10.5 percent annually in September, the Austrian Statistical Institute stated that this data points to the highest inflation level seen in the country since 1952.
In the statement of the Austrian Statistical Institute, it was stated that inflation reached double digits for the first time in 70 years and this situation is expected to continue in the coming months.
Pointing out that the significant increase in fuel and electricity and natural gas prices used in homes led to an increase in inflation figures in September, the institution noted that there was also a partial increase in food products.
Inflation in Austria was 9.3 percent annually in August.
INFLATION RESPONSE FROM THE OPPOSITION TO THE GOVERNMENT
After the inflation in Austria, which was 3.3 percent in September 2021, reached double digits, the opposition parties increased their harsh criticism of the government.
New Austria Party (NEOS), Economy Spokesperson Gerald Loacker said that inflation rates are predicted to reach this level and that this situation cannot be changed in a short time, and that the government should take more effective measures as soon as possible.
Loacker stated that inflation, which has reached its highest level in the last 70 years, has affected everyone negatively, and called for more effective measures to be implemented by putting aside the dazzling and temporary measures.