Inflation reached a new record level???
Inflation in the european union, which uses the Euro currency, reached a record level of 8.1 percent in the month of May. The increase in fuel costs due to the Russia-Ukraine war has played an important role in this. In this group of 19 countries in Europe, inflation was at a high level of 7.4 percent in the months of march and april as well. The european Union's statistical body Eurostat said on tuesday that inflation reached a new record level of 8.1 percent in May 2022 due to the increase in the cost of energy products.
Energy products prices up 39%
During this period, a huge increase of 39.2 percent was seen in the prices of energy products. Prices of petroleum products and gas have increased significantly after Russia's attack on Ukraine. Major oil and gas exporter russia has been banned by european countries, due to which their energy costs have increased. This inflation has also made life difficult for the 343 million people living in the european Union. This is the highest level of inflation since the start of keeping data for the euro currency in 1997. In such a situation, the challenges for the policy-makers of the european Central bank (ECB) have increased further. In order to control the rising inflation, the pressure on them to increase the policy interest rates at very low levels will increase.
Increased prices from clothes to computers
According to Eurostat data, food inflation has also increased by 7.5 percent in May 2022 compared to a year ago. Apart from this, the prices of clothes, home appliances, cars, and computers increased by 4.2 percent. At the same time, services have also become 3.5 percent expensive. These figures show how heavy the Russia-Ukraine crisis is affecting the economy of european countries as well as common life. It is a different matter that apart from Europe, countries like America and india are also facing rising inflation.
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