In June, prices in the euro countries increased less markedly than in the previous month. This is mainly because gas and electricity were cheaper than the previous year. Food, alcohol and tobacco prices continued to rise sharply.
Inflation was 5.5 percent in June, reports the European statistical agency Eurostat on the basis of an initial estimate. In May, prices in the eurozone increased by an average of 6.1%.
Russian invasion of Ukraine
Prices have risen sharply in 2022. The Russian invasion of Ukraine has made gas, oil and other commodities more expensive. Even now, inflation is still well above the European Central Bank’s target, which is addressing the steep price hikes with interest rate hikes.
Inflation has also decreased in the Netherlands. According to the European measurement method, daily life here has become 6.4% more expensive than in June 2022. It was still 6.8% in May. Prices fell on average by half a percentage point between May and June, reports Eurostat.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
