Prices in the euro area rise by 8.9 percent

Frankfurt The inflation rate in the euro area rose by 8.9 percent in July compared to the same month last year. This was announced by the European statistical office Eurostat on Friday morning. In June, inflation was still 8.6 percent.

The rise to the new record high came as a surprise. Economists had expected an unchanged rate. In Germany, the Federal Statistical Office had reported a slight decline in the inflation rate to 7.5 from the previous 7.6 percent. Short-term special effects such as the nine-euro ticket and the fuel discount seem to have an effect here.

However, the Federal Office and the European statistical authority Eurostat calculate the price increase differently. The composition and adjustment of the sample shopping baskets from which the price increases are derived is different. According to the harmonized European method of calculation, inflation in Germany would be 8.5 percent.