Annual inflation in the Eurozone climbed to 9.9% in September – the risk of a financial meltdown is becoming real!

According to the European Union’s statistical office, Eurostat, the eurozone’s annual inflation rate rose to 9.9% in September, up from 9.1% in August. The inflation rate in September reached its highest level in 40 years, and investors suspect that the Eurozone is “at risk of financial collapse“.

EU consumer price index hits 40-year high, EU residents take to the streets to protest runaway inflation.

Inflation in Europe has taken a big jump since September 2021, according to the European Commission’s recent report released by Eurostat on Wednesday morning. “The eurozone’s annual inflation rate was 9.9% in September 2022, up from 9.1% in August“Eurostat’s September Consumer Price Index (CPI) report said. “A year earlier, the rate was 3.4%. The European Union’s annual inflation rate was 10.9% in September 2022, up from 10.1% in August. A year earlier, the rate was 3.6%.“, details the report of the government agency.

Eurozone annual inflation climbs to 9.9% in September, bread costs soar, protests erupt
Chart from Eurostat’s Consumer Price Index (CPI) update for September, released on October 19, 2022.

Eurostat’s announcement follows the recent inflation report released six days ago by the U.S. Bureau of Labor Statistics on October 13. U.S. inflation for September was an 8.2% increase for the year through September. The Eurozone CPI follows the region’s fiat currency, the Euro, which is struggling to compete with the U.S. dollar. A recent report released by Citi FX strategists indicates that the group of currency analysts suggests the euro could fall to $0.86 against the greenback if macroeconomic turmoil persists.

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Eurozone annual inflation climbs to 9.9% in September, bread costs soar, protests erupt

A New York Times article reports that the cost of bread is skyrocketing in Europe, as the high cost of electricity, eggs and flour has prompted bakers to raise the price of bread across the board. The New York Times says that one in ten Belgian bakeries has closed as inflation eats away at its business.

Eurozone annual inflation climbs to 9.9% in September, bread costs soar, protests erupt

Vienna Institute for International Economic Studies economist Philipp Heimberger notes that while inflation is wreaking havoc globally, it is Europe that is facing the worst. “Worldwide, inflation is driven primarily by energy and (energy-intensive) food prices in the context of supply chain problems“, said Mr. Heimberger. tweeted Wednesday. Heimberger added:

Some observers have accused the United States for its alleged involvement in the sabotage of Nord Stream, which has driven energy inflation in Europe even higher. The reports also indicate that in addition to Paris the protesters gathered in Germany, Austria, and Greece to protest against the rampant inflation in the euro zone.

Inflation in Germany, for example, has reached a massive harmonized rate of 10.9%, breaking a 25-year record in the country. Eurozone inflation is so bad today that global companies based in the region are starting to relocate.”to eastern Europe in search of savings.“On October 1, the Telegraph reported that market analysts believe the eurozone is “in danger of financial collapse” because of “rampant inflation and rising rates“.

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