Various-Eurozone/Inflation/Record

Shotlist

FILE: Frankfurt, Germany – Date Unknown (CCTV – No access Chinese mainland)
1. Various of European Central Bank sign
2. Various of euro symbol sculpture outside European Central Bank

FILE: Madrid, Spain – Date Unknown (CCTV – No access Chinese mainland)
3. Spanish national flag
4. Spain Square, statue

FILE: Madrid, Spain – March 11, 2022 (CCTV – No access Chinese mainland)
5. Various of gas station, oil price shown on screen
6. Various of fruit shop
7. Price tags at meat stall
8. Meat for sale

FILE: Paris, France – March 26-27, 2019 (CCTV – No access Chinese mainland)
9. National flag of France

FILE: Paris, France – March 29, 2022 (CGTN – No access Chinese mainland)
10. Eiffel Tower

Paris, France – July 19, 2022 (CCTV – No access Chinese mainland)
11. Traffic, Arc de Triomphe
12. Various of people walking on street, resting

FILE: Thessaloniki, Greece – March 11, 2022 (CCTV – No access Chinese mainland)
13. Various of breads, boxes of milk for sale

FILE: Germany – March 25, 2022 (CCTV – No access Chinese mainland)
14. Customers in supermarket; goods on shelves

FILE: Athens, Greece – April 21, 2022 (CCTV – No access Chinese mainland)
15. Various of gas station, price board
16. Driver refueling car

Storyline

The annualized inflation rate in the European countries using the euro currency has shot up to another record of 8.9 percent in July, an all-time high since the establishment of the eurozone in 1999, fueled by higher energy and food prices, according to figures released on Friday by Eurostat.

Specifically, inflation in Spain has grown from 10.2 percent in June to 10.8 percent in July, the highest level seen since September 1984, according to provisional figures released by the country’s National Statistics Institute on Friday.

The increase is largely propelled by hiking costs of food, non-alcoholic beverages and electricity, and energy and food prices remain the most volatile factors affecting the country’s inflation rate, said the institute.

The consumer prices in France have increased by 6.1 percent over the last 12 months in July, after 5.8 percent in June, setting a record high since July 1985, according to first estimates published on Friday by the National Institute of Statistics and Economic Studies.

The institute believes that the main upward pressure came from the cost of food, manufactured goods and services linked to the summer period.

The country’s inflation will peak in September, according to estimates by the institute at the end of June, with no similar forecast released in July.

After rising for more than half a year, energy prices of France increased at a slightly slower pace, with the index registering 28.7 percent in July, just below 33.1 percent in June. And the consumer price index saw an uptick in food, manufactured goods, and services.

Energy prices have soared from the end of 2021 mainly due to the Russia-Ukraine conflict and intensified sanctions against Russia imposed by the European Union, which has sent fever to various aspects of economy and led to the substantial uphill of commodity prices in France since 2022.