Eurozone Hits Record 5 Per Cent Inflation in December, Energy Prices Remain High
Inflation numbers in the Eurozone hit a record high of five per cent in a single month in December, topping the previous record set the month before as high energy prices are believed to be driving the trend.
Data released this week revealed that the Eurozone, which encompasses every country that uses the euro currency, saw a five per cent inflationary increase in December, up from the record 4.9 per cent in November.
The record-breaking inflation is largely being blamed on the high energy prices the Eurozone has seen in recent months as the EU has been forced to tap into reserves of natural gas due to supply issues from Russia, along with other factors.
In November, Russia promised to increase the supply of natural gas to Europe — but when promised supplies failed to materialise, countries like the Netherlands saw price increases of nearly ten per cent. – READ MORE
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