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Eurozone inflation hits new high as economy grows vigorously – POLITICO

by yrtnews
July 29, 2022
Eurozone inflation hits new high as economy grows vigorously – POLITICO


FRANKFURT — The euro zone economy grew more than expected in the second quarter, while inflation in July again beat expectations to hit a new record high, according to data released Friday by the Statistics Agency. EU.

The data suggests that the European Central Bank is more likely to tighten policy more aggressively in the coming months.

The eurozone economy grew 0.7% in the quarter, compared to 0.5% in the first three months of the year. This solid performance was driven by rapid growth in Spain and Italy.

A Reuters poll of analysts had called for a significant slowdown.

At the same time, headline inflation accelerated to 8.9% in July from 8.6% in June. Expectations saw inflation remaining at or slightly above the June rate.

Looking ahead, recent data still suggests a slowdown in activity and historically high levels of inflation ahead.

“We are going to face a combination of slow growth and high inflation,” European Central Bank Vice President Luis de Guindos said in an interview with Estonian newspaper Postimees published earlier on Friday.



politico Gt

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