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Eurozone inflation reaches new record high of 10% in September


itsnotoutthere
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Inflation in the eurozone reached double-digits and yet another new record high in September, according to preliminary data, as the negative consequences of Russia's war in Ukraine continue to inflict a heavy toll on European economies.

Eurostat, the European Union's statistics agency, estimates that inflation in the 19-country euro area reached 10.0% in September, up from 9.1% in August. 

The latest climb in prices was fuelled by energy — the cost of which is now 40.8% higher than during the same month last year — while prices for food, alcohol and tobacco are believed to have soared by 11.8% year-on-year.

https://www.euronews.com/my-europe/2022/09/30/eurozone-inflation-reaches-new-record-high-of-10-in-september

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Not seeing a significant difference between UK and EU on growth or inflation.

Despite predictions to the contrary -

UK avoids recession with 0.2 per cent growth. It means the UK might not currently be in recession, as was predicted by the Bank of England earlier this month.

“They also show that while household savings fell back in the most recent quarter, households saved more than we previously estimated during and after the pandemic.”

“The economy shrank more than we first estimated during the early months of the pandemic but rebounded more strongly in the latter half of 2021,” 

https://www.cityam.com/uk-avoids-recession-with-0-2-per-cent-growth/

Also -

The current account deficit stood at -£33BN (5.3% of GDP), still large, but below consensus expectations for -£44BN.

In fact, the deficit has shrunk markedly on the first quarter, which stood at a blowout -£51.7BN.

The British Pound looked set to enter month-end on a firmer footing, recording gains against the Euro, Dollar and most other currencies over the course of the past week.

The recovery from the significant lows reached on Monday will be helped by data showing the UK economy grew in the second quarter, defying expectations for a decline.

https://www.cityam.com/uk-avoids-recession-with-0-2-per-cent-growth/

https://www.gbnews.uk/news/uk-economy-grows-slightly-after-previously-predicted-decline-is-revised/372068

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Yes, Despite Brexit.;)

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