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Official data released on Friday revealed that the inflation rate in the euro zone reached a 13-year high in September, as the bloc battles rising energy costs.
Inflation reached 3.4% last month, according to preliminary data from the European Statistical Office “Eurostat”, according to CNBC.
This is the highest level of inflation since September 2008 when inflation reached 3.6%, and this comes after consumer prices in Germany rose by 4.1% last September, the highest level in nearly 30 years.
The rally was driven by rising energy prices, which deepened concern among policy makers. The price of gas in the first month at the Dutch TTF center, a European standard, has risen nearly 400% since the beginning of the year.
Moreover, this record rise in energy prices is not expected to end anytime soon, as energy analysts have warned that market tension is likely to continue throughout the winter.
France has become the latest country to take measures to reduce costs for consumers, and Prime Minister Jean Castix said on Thursday the government would prevent further increases in natural gas prices as well as increase in electricity tariffs.
However, before the measures are activated, gas prices will rise by 12.6% for French consumers from Friday. Italy, Greece and Spain have also taken. Steps to tackle price hikes.
Read also: Economic inflation… What are the most prominent causes and ways of dealing with it, and when is it destructive for countries?