Rising inflation in the eurozone in September accelerated to 9.9%, in the EU to 10.9%
Rising inflation in the eurozone. Consumer prices in the euro zone in September 2022 rose by 9.9% against the same month in 2021, according to the final data from Eurostat. The figure was revised down from the 10% announced earlier. Analysts had not expected the revision; Trading Economics wrote. Inflation, despite the downward revision, is still a record since the data began to be calculated. The rate of increase in consumer prices in the bloc accelerated from 9.1% in August.
Inflation rate in the eurozone – what’s going on?
Compared to the previous month, prices in the eurozone increased by 1.2%.
Consumer prices, excluding volatile factors such as energy, food and alcohol (CPI Core index tracked by the European Central Bank), rose 4.8% year on year last month after rising 4.3% a month earlier.
Food, alcohol and tobacco prices rose 11.8% after rising 10.6% in August. Energy prices accelerated to 40.7% after rising 38.6% a month earlier. Services became more expensive by 4.3%.
In 27 EU countries the price growth in annual terms amounted to 10.9% in September, after an increase of 10.1% a month earlier. Against the previous month, prices in the EU rose by 1.2%.
The lowest inflation rate in the eurozone in annual terms in September was observed in France (6.2%), in Malta (7.4%) and in Finland (8.4%). The highest growth in consumer prices was registered in Estonia (24.1%), Lithuania (22.5%) and Latvia (22%).
In Germany, annual inflation accelerated to 10.9% from 8.8% in August. In Italy it was 9.4% after 9.1%. In Spain it slowed down to 9% from 10.5%.
This economic situation is unprecedented for Europe. Analysts make disappointing forecasts and prepare everyone for the fact that further circumstances will only worsen.
Earlier we reported that almost all U.S. and European CEOs are preparing for economic recession and inflation.
ITB (International Trading Brachium) Broker Announced Its YouTube channel
(Mahe, Seychelles-March 08, 2023) – ITB BROKER, LLC, an international forex broker, has announced that with our community growing, we believe that this will be the most effective medium to communicate with and so, we’re proud to announce the launch of ITB YouTube channel .
When a picture speaks a thousand words, How about a video?
- Throughout our community building initiative, we strongly believe in video as our means of communication. Video has played a pivotal role in describing our futuristic services to our audience and in communicating our disruptive vision to potential traders or investors.
- Over the next few weeks, we will be launching interesting videos on upcoming ITB features, bonuses, partnership or IB announcements and financial market expert interviews.
- YouTube is a great place to pick up forex trading tips and learn how to use them in the real world.
There are a number of YouTubers that make great educational videos, perfect for beginners or those considering taking up forex trading. ITB group with over 10 years of financial experience provides you with useful tips and hints of forex trading via its YouTube channel.
ITB Broker or ITBFX is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services.
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In addition, ITB offers educational courses on FX trading and Cryptocurrencies on academy section of ITBFX website.
U.S. budget deficit totaled $262 billion in February
According to a report from the U.S. Treasury Department, the U.S. budget deficit in February was $262,434 billion compared to a $38.8 billion deficit in January. The Dow 30 also had problems.
Analysts at DailyFX suggested that the nation’s budget deficit for February was expected to be $256 billion. A year earlier, in February, the U.S. posted a budget deficit of $216,590 billion.
According to the GAO report, U.S. government spending rose 3.5 percent year over year last month to $524.548 billion, while revenue, in contrast, declined 9.5 percent to $262,114 billion.
Earlier, the U.S. edition of the Washington Post published an editorial stating that the new draft budget proposed by the Biden administration undermines U.S. national security and its ability to invest in the future, because it suggests a further growth of the U.S. national debt.
The WP editorial board noted that the new draft budget assumes a $2 trillion budget deficit, including due to the high cost of providing health insurance to the elderly of the baby boomer generation.
Earlier we reported that the EU has agreed to reduce energy consumption by 11.7% by 2030.
The EU has agreed to reduce energy consumption by 11.7% by 2030
The European Union has agreed to reduce the bloc’s energy consumption by 11.7 percent by 2030, Reuters reported.
“This will mean a real change in favor of the climate and to the detriment of Putin,” the Danish Niels Fulsang, the European Parliament’s lead negotiator, told the agency.
Initially, in 2021, the EU proposed to reduce consumption by 9%, but in May 2022, against the background of events in Ukraine, increased the target to 13% to quickly abandon Russian energy, writes Forbes. The European Parliament considered it necessary to reduce consumption by 14%. The DAX Index also had problems.
Some EU countries have continued to insist on a 9% cut. An all-night negotiation between the EU and the European Parliament resulted in a compromise: the energy consumption of EU end-users, such as households and businesses, must be 11.7 percent lower than expected in 2030.
The agreement must pass final approval by the European Parliament and EU countries before it can become legally binding.
Earlier, we reported that consumers expect lower inflation in the eurozone, higher wages.
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