Due to the significant rises in energy prices against the backdrop of the Russian-Ukrainian crisis, the euro area is experiencing typical inflation rates.
Since statistics for the euro began in 1997, reading inflation in the euro region is at its highest level.
As the world economy has recovered from the Kofid-19s, the increase in inflation is being caused by ongoing disruptions in Russian natural gas supplies as well as shortages of raw materials and auto parts.
Russian gas supply shortages resulted in high pricing, to the point where energy-intensive industries like fertiliser and solid iron claim they can no longer turn a profit on some products.
The European Central Bank announced in July that a 50-point increase would be the first in 11 years. Last month, the bank increased the major interest rates by 75 basis points in a bid to combat inflation.
At its upcoming meeting, it is widely anticipated that the European Central Bank would propose a further increase in interest rates of 75 basis points.
Inflation in the euro is 9.9% in September.
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