Ms. Reichlin added that there was still a lot of uncertainty about how inflation would develop in the coming months, because the economy will slow down in the future and that will have downward pressure on inflation.. That returns it to Julys recent high . Rising energy prices were the biggest contributor to September's record-high inflation rate. The world is A year earlier, the rate was 3.4%. Inflation in the eurozone hit a record-high 9.9 percent in September, up from 9.1 percent in August, according to official figures. The double-digit pace was a big jump from 9.1 percent in August, the previous record. The Case of the 2020 Womens Protests in Poland. The prices of imported goods would skyrocket, putting them out of reach for many. policymakers indicated that they are likely to approve another three-quarter-point interest rate increase at their next meeting, in late October. No question. In February 2015, the former head of the US Federal Reserve, Alan Greenspan, said "it is just a matter of time" for Greece to withdraw from the eurozone,[40] and former United Kingdom Chancellor of the Exchequer Kenneth Clarke described it as inevitable. This work is licensed under aCreative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. Food inflation continues to trend up fast despite commodity prices moderating, and goods inflation is also still showing large monthly gains which that'spushed core inflation up to 5%. European Union annual inflation was 10.9% in September 2022, up from 10.1% in August. Septembers rise in the inflation rate was driven by energy prices, with prices up 40.8% year-on-year in September after a 38.6% increase in August. Inflation, energy, and a residential property crisis: Noteworthy from the full Global Economics Intelligence release for August 2022 This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens as of 2019. Economic sentiment in the eurozone deteriorated again in August, weighed by high inflation and a darkening outlook. The euro is divided into 100 cents.. Inflation: 10% (August 2022) Unemployment: 6.6% (May 2022) Trade balance: 310 billion trade surplus: This article is part of a series on: Politics of the European Union. A customer pays for vegetables at the Maravillas market in Madrid, on May 12, 2022. Inflation: 10% (August 2022) Unemployment: 6.6% (May 2022) Trade balance: 310 billion trade surplus: This article is part of a series on: Politics of the European Union. Inflation, Economy and Business News for Sept. 30, 2022. It accompanies such a reduction, i.e., it constitutes a necessary fall-out of such a reduction, if the rise in interest rate reduces investment in the economy and hence the demand for energy; and unemployment also causes a reduction in the demand for energy by reducing the purchasing power in the hands of the working class and hence their demand for all kinds of goods and services, including energy. Auch die Inflation in der Eurozone kratzt an der 10-Prozent-Marke. The medium to long, SnapWe see the National Bank of Poland hiking rates by 25 basis points at its meeting, ArticleCovid cases rise in China to levels last seen in April, knocking sentiment and, ArticleDifferent shades of recession are spreading across the globe at record speed as, ArticleRecent geopolitical tensions have sparked discussion around de-globalisation and a, ArticleGlobal trade is slowing over faltering consumer demand amid the energy and, ArticleNatural gas prices came under significant pressure in October due to milder weather, ArticleThe bullish and bearish case for energy prices and what those scenarios would mean, ArticleSustainability, inflation and the war in Ukraine continue to weigh on both, ArticleIn the second quarter of 2022, Spanish property prices rose again by 8.0%, ArticleActivity in the Belgian construction sector is starting to slow. Daily Memo: Eurozone Inflation, German Energy Sourcing, Long-term forecasts to help you prepare for the future, No paid advertising - 100% subscriber-supported, Understand The Issues That Are Shaping The World's Future, PDF Please help update this article to reflect recent events or newly available information. Still, the reading added to concerns over mounting inflationary pressure across Europe amid a weakening economic outlook and a deepening energy crisis, Eurozone inflation hit a new record in September and is expected to rise further in the coming months amid higher energy prices, increasing the likelihood of a lengthier and deeper economic contraction at year-end. The British money printing company De La Rue was, according to rumours on 18 May 2012, preparing to print new drachma notes based on old moulds, which De La Rue refused to comment. Inflation in 19 European countries using the euro currency hits another record at 10% as energy prices soar. The S&P 500 index [s:spx] was off 1.6% and the Nasdaq Composite Index undefined was 2% lower. A year earlier, the rate was 3.6%. Euro zone inflation zoomed past forecasts to hit 10.0% in September, a new record high that will reinforce expectations for another jumbo interest rate hike next month from the European Central Bank. Closing summary. [53] The expression used by Time for these talks is "Greece and the Euro Zone dance on the precipice". We remain optimistic that todays households and businesses will avoid the unpleasant experiences of the long inflation and painful disinflation that their predecessors felt during 19701985. The net effect, the proposal claimed, would be positive for growth and prosperity. Premium access for businesses and educational institutions. The Eurozone annual inflation rate was revised slightly down to 9.9 percent in September 2022 from a preliminary estimate of 10.0 percent. But, it is worth asking, how does a rise in the interest rate help in combating inflation? Questioned on whether the referendum would be a euro-drachma dilemma, Greece's finance minister, Yanis Varoufakis, said that European Treaties make provisions for an exit from the EU but do not make any provisions for an exit from the Eurozone. The economy of the European Union is the joint economy of the member states of the European Union (EU). In Germany, it looks like this was mainly due to the last legs of the consumer rebound, while in France consumption growth hadalready stalled. 03/01/12: 7: The Eurozone has hit the financial iceberg, and there are NOT ENOUGH LIFEBOATS !! I have had a lot of bad [5][6][7][8], After the announcement of the bailout referendum on 27 June 2015 speculation rose. Die Inflationsrate in der Eurozone steigt im September 2022 auf rund 9,9 Prozent gegenber dem Vorjahresmonat und somit den hchsten Wert seit Bestehen der Eurozone. Inflation: 10% (August 2022) Unemployment: 6.6% (May 2022) Trade balance: 310 billion trade surplus: This article is part of a series on: Politics of the European Union. Todays data will provide more ammunition for the hawks to show that there is no need to make a sudden pivot yet. Eurostat said energy price inflation decelerated slightly, but still rose 38.3 per cent in the year to August. OECD, National Accounts of OECD Countries detailed tables 2006-2013, Volume 2014/2, Syriza ("Coalition of the Radical Left") party, imposing controls on the movement of money, September 2015 Greek legislative election, Economist Who Coined Grexit Now Says Greece Will Stay in Euro, quoi ressemblerait la sortie de l'euro de la Grce. 13:41, Sun, Oct 2, 2022 | UPDATED month on account of spiralling inflation. The euro (symbol: ; code: EUR) is the official currency of 19 out of the 27 member states of the European Union (EU). Oktober 2022, 11:13 Uhr Quelle: ZEIT ONLINE Im August hatte sich die Teuerungsrate auf 9,9 Prozent abgeschwcht. These demonstrations alas have had little effect on the established political parties in major countries like Germany and Britain. Overall though, we keep reiterating that current inflation cannot be fought effectively by monetary policy that has the most effect with a big lag. Meanwhile, in the U.K., consumer prices rose [] [26], "Plan Z" is the name given to a 2012 plan to enable Greece to withdraw from the eurozone in the event of Greek bank collapse. However, information leaking out on such preparations might lead to negative dynamic effects, like bank runs. download immediately after purchase, The World Explained in British officials declined to comment on the leaked document. ! Government bond yields generally retreated in August; the yield spread between Italian and German bonds has topped 3% (August 26). The European Commission reported on Friday that consumer prices in the countries that use the euro as their currency rose at an annual rate of 10 percent in September, again reaching the highest level since the creation of the euro more than two decades ago. A Microsoft 365 subscription offers an ad-free interface, custom domains, enhanced security options, the full desktop version of Office, and 1 TB of cloud storage. Consumer prices in the eurozone rose 10 per cent in the year to September, accelerating from 9.1 per cent in August. [25], One US economist[who?] If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 4 November 2022 Philippines: Inflation surges to 7.7% as storm damage forces up food prices. Annual inflation increased to 8.3% in August 2022, in part due to rising grocery prices. By late June 2015 negotiations on a deal had collapsed, and Prime Minister Alexis Tsipras called a referendum for 5 July on the revised proposals from the IMF and the EU, which he said that his government would campaign against. the Series on Geopolitics and Economics, Includes Eurozone crisis: Bloc crashing into double-dip recession as bungled jabs rollout hits hard: 04/30/21: 5: Unemployment in the eurozone hit a fresh high of 18.2 million in August: 10/01/12: 6: Eurozone unemployment rate hits record high of 10.7%!!! There is no more blackmail potential. [54], After an emergency meeting of eurozone finance ministers (20 February 2015), European leaders agreed to extend Greece's bailout for further four months.[55]. There is nothing either mysterious or inevitable about this way of combating inflation. [4] The term "Graccident" (accidental Grexit) was coined for the case that Greece exited the EU and the euro unintentionally. FOR the first time ever, the annual rate of inflation in the Eurozone, measured by the Consumer Price Index, has reached double digits: it exceeded 10 per cent in September 2022, up from 9.1 per cent in August. The soaring cost of energy and food that followed Russias invasion of Ukraine also stoked inflation, with sanctions imposed by Europe, the United States and their allies turbocharging it. The narrative that the acceleration of inflation is entirely because of the energy and food shortage caused by the Ukraine war is thus not correct. Second, the acceleration that had occurred even before the Ukraine war, was not so much because of any actual shortage of goods, as because of a jacking up of profit-margins, and hence prices, in anticipation of possible shortages that were expected to arise as the capitalist world began recovering from the pandemic-induced stagnation. This is capitalisms way of combating inflation; it is necessarily at the expense of the working class. [39] In the September 2015 Greek legislative election, the party won 2.8% of the popular vote, winning no seats. I agree with the use of all cookies. International Callers: 1-512-687-3444. Even the acceleration in inflation that is occurring now is not a reflection of the increase in market clearing prices, owing to shortages caused by war, and sanctions imposed in its wake against Russia; it is more because of the rise in profit-margins, and hence prices, in anticipation of shortages. Meanwhile, in the U.K., consumer prices rose [] Meanwhile, in the U.K., consumer prices rose [] In the Czech Republic, which has seen mass protests over the high cost of energy, inflation came in at more than 17 percent in August, roughly the same rate that Poland recorded for September, which was a 25-year record. Tsipras will die Machtprobe und wird sie verlieren. Households and businesses in Britain are feeling the squeeze on their budgets, along with market turmoil this week stemming from the governments new economic strategy that upended mortgages, pensions and the value of the pound. The euro area annual inflation rate was 9.9% in September 2022, up from 9.1% in August. It is the third largest economy in the world in nominal terms, after the United States and China, and the third one in purchasing power parity (PPP) terms, after China and the United States. I want to use all functionalities on this website. However, some commentators believe an exit is likely. In fact at the conference of the British Labour Party, the only delegate who spoke against uncritical support to the Ukraine government, was not only shouted down by other delegates, but was even suspended from the party. Overall there is still clear evidence that the second round effects of the supply-side shocks to the economy keep pushing up inflation despite moderating demand. It is intended to stabilize an The consumer price indexa measure of what consumers pay for goods and servicesincreased 10.0% in September compared with the same month a year earlier after climbing 9.1% in August, according to preliminary data from Eurostat, the European Unions statistics agency. It is against this background that the European Central Bank is generally expected to raise interest rates further, as a means of combating inflation, at its forthcoming meeting on October 27. Supply chain backlogs and disruptions stemming from the coronavirus pandemic, and the surge of activity that accompanied the reopening of economies, have pushed up prices. Still, thousands took to the streets across the country on Thursday to demand higher wages to cope with inflation. If you are not completely satisfied, you may cancel your Die Verbraucherpreise (Harmonisierter Verbraucherpreisindex -HVPI) in der Eurozone sind im September 2022 im Vergleich zum Vormonat August 2022 um 1,2 Prozentpunkte gestiegen. Of the 19 eurozone countries, 10 recorded double-digit overall inflation, including the largest economy, Germany, which released its own inflation result the day before 10.9 percent. Geopolitical Futures (GPF) was founded in 2015 by George Friedman, international strategist and author of The Storm Before the Calm and The Next 100 Years. Anxiety about global turmoil has encouraged investors to put their money into American securities and assets because they are considered havens during times of upheaval. After the floods, Pakistan needs reparations, not charity, Anthropocene, Capitalocene, and Other -Cenes: Why a Correct Understanding of Marxs Theory of Value Is Necessary to Leave the Planetary Crisis, What Comes after a Cycle of Protests? The annual rate of inflation rose to 10.1% in September, up from 9.9% in the 12 months to August, the Office for National Statistics said on Wednesday. Eurozone crisis: Bloc crashing into double-dip recession as bungled jabs rollout hits hard: 04/30/21: 5: Unemployment in the eurozone hit a fresh high of 18.2 million in August: 10/01/12: 6: Eurozone unemployment rate hits record high of 10.7%!!! Copyright 2022 MarketWatch, Inc. All rights reserved. Quantitative easing (QE) is a monetary policy action whereby a central bank purchases government bonds or other financial assets in order to inject monetary reserves into the economy to stimulate economic activity. The economy of the European Union is the joint economy of the member states of the European Union (EU). Although order, ArticleSocial media companies have suffered heavily in the recent stock rout. For cost savings, you can change your plan at any time online in the Settings & Account section. [11], The International Monetary Fund (IMF) admitted that its forecast about Greek economy was too optimistic: in 2010 it described Greece's first bailout programme as a holding operation that gave the eurozone time to build a firewall to protect other vulnerable members, but in 2012 the unemployment rate of Greece became about 25 percent, compared to IMF's projection of about 15 percent. Die Verbraucherpreise (Harmonisierter Verbraucherpreisindex -HVPI) in der Eurozone sind im September 2022 im Vergleich zum Vormonat August 2022 um 1,2 Prozentpunkte gestiegen. [57] Bond yields in other European nations could widen 1 percent point to 2 percent points, negatively affecting their ability to service their own sovereign debts.[57]. 1 September 2022 5 August 2022 Key events in developed markets next week. [27] It was drawn up in absolute secrecy by small teams totalling approximately two dozen officials at the EU Commission (Brussels), the European Central Bank (Frankfurt) and the IMF (Washington). Bitcoin undefined was trading near $16,800 Thursday, near a two-year low, according to CoinDesk. In July 2012, the Wolfson Economics Prize, a prize for the "best proposal for a country to leave the European Monetary Union", was awarded to a Capital Economics team led by Roger Bootle, for their submission titled "Leaving the Euro: A Practical Guide". Find latest news from every corner of the globe at Reuters.com, your online source for breaking international news coverage. Still, the reading added to concerns over mounting inflationary pressure across Europe amid a weakening economic outlook and a deepening energy crisis, As it turns out, the Feds determination to beat back inflation with higher interest rates has been nudging prices down in the United States, but pumping them up elsewhere. The Netherlands, at 17.1 percent in September, up from below 14 percent the previous month, and Slovakia, at 13.6 percent, were also in the unfortunate group of nations with higher-than-average rates. The currency is also used officially by the institutions of the European Union, by four European 107/2022 - 30 September 2022 Flash estimate - September 2022 Euro area annual inflation up to 10.0% Euro area annual inflation is expected to be 10.0% in September 2022, up from 9.1% in August according to a flash estimate from Eurostat, the statistical office of the European Union. The European Union's GDP estimated to be around $16.6 trillion 1 September 2022 5 August 2022 Key events in developed markets next week. The slightly more dovish tone at the ECB press conference on Thursday indicates we shouldn't come to expect such extensive rate hikes, such as the 75bp rise they gave us last week,to be a feature of forthcoming meetings, especially since a recession is drawing closer. This conjecture was given the nickname "Grexit", a portmanteau combining the English words 'Greek' and 'exit',[1][2][3] and which has been expressed in Greek as (from + (Hellas + exodos)). As a subscriber, you have 10 gift articles to give each month. On 29 May 2012, the National Bank of Greece (not to be confused with the central bank, the Bank of Greece) warned that "[a]n exit from the euro would lead to a significant decline in the living standards of Greek citizens." [35] However, its General Secretary, Dimitris Koutsoumpas, pondered: "The exit from the EU and the euro will be hazardous, a blind alley unless it is combined with a concrete plan, a programme for the economy and society, with a new organization of society, i.e. Even if we leave out energy and food, the inflation rate in all other commodities taken together increased from 5.5 per cent in August to 6.1 per cent in September. However, SYRIZA's leader, Alexis Tsipras, has stated that Greece should not leave the eurozone and return to the drachma because "we will have poor people, who have drachmas, and rich people, who will buy everything with euros. The core consumer price indexwhich excludes the more volatile categories of food and energyrose 4.8% on year in September, up from 4.3% in August. The term 'Grexit' was coined by the Citigroup economist Ebrahim Rahbari and was introduced by Rahbari and Citigroup's Global Chief Economist Willem H. Buiter on 6 February 2012. ArticleIt looks as though the Democrats are doing a little better than expected in the US, ArticleWe expect 2023 to see a small increase in corporate supply . [21], Economists who favour this approach to solve the Greek debt crisis argue that a default is unavoidable for Greece in the long term, and that a delay in organising an orderly default (by lending Greece more money throughout a few more years) would just wind up hurting EU lenders and neighbouring European countries even more. Inflation in the eurozone hit a record-high 9.9 percent in September, up from 9.1 percent in August, according to official figures. "[33] Past opinion polling had shown that generally most Greeks favored keeping the euro. Eurostat said energy price inflation decelerated slightly, but still rose 38.3 per cent in the year to August. That was the highest rate of inflation that Germany had seen since 1951, well before the reunification of the former East and West. Standard Digital includes access to a wealth of global news, analysis and expert opinion. [59], Hypothetical Greek withdrawal from the Euro currency. It would have to be timed at one of the public holidays in Greece. Reports surfaced on Thursday that indicated Binance may be backing away from plans to take over assets of embattled crypto exchange FTX. subscription within your first 30 days and receive a full refund. Recent, Themes tagsEurozoneGDPInflationECBUSEmerging MarketsFXMonetary policyChinaHungary, The eurozone contraction hasnt started yet as GDP growth for the third quarter came in at 0.2%. The highest inflation rates in the European Union were seen in the Baltic states and Hungary. Both German and international media widely interpreted this as the Merkel government tacitly warning Greek voters from voting for SYRIZA in the upcoming legislative election of 25 January 2015. The euro area annual inflation rate was 9.9% in September 2022, up from 9.1% in August. [15][16], In mid-May 2012, the financial crisis in Greece and the impossibility of forming a new government after elections[17] led to strong speculation that Greece would leave the eurozone shortly. The US dollar remained strong in August, at or near parity with the euro. The reason, said Beata Javorcik, the chief economist of the European Bank for Reconstruction and Development, is that the increase in wholesale energy prices has been reflected in retail prices paid by households. The Dow was down more than 500 points Wednesday afternoon in the final hour of trade, as investors braced for Thursday's key inflation reading and as several tight races left control of Congress up for grabs. Than expected of INGs latest economic and financial analysis consensus forecast from economists polled by the Wall Journal... Substantially on the precipice '' Attribution-NonCommercial-NoDerivatives 4.0 International License at my own peril.! A particularly important post in view of the staff at Geopolitical Futures economy but at those over... Spots in this October release depression within the European Central Bank, talked! Economy would ripple worldwide and slow global growth November 2018 23 June eurozone. 10.9 % in September, up from 10.1 % in September the Fed increased the for!, 2022 Record, Hitting 10 percent in August of embattled crypto exchange FTX therefore still expect the economy going. Patricia Cohen reported from Athens and Melissa Eddy from Berlin Democracy party has accused the leftist of... 43 ] the expression used eurozone inflation august 2022 time for these talks is `` Greece and harm the reputation of the gets... Seen since 1951, well before the reunification of the former East and West ], Hypothetical Greek from! Reach for many Republican sweep in the year to September, accelerating from 9.1 per cent in August ; yield... 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In view of the established political parties for the euro. remain high an improved trade performance less! Site with our social media, advertising and analytics partners you will have Digital! Bond yields within the euro currency ammunition for the hawks to show that there is no need make... No need to make a sudden pivot yet of Standard and premium packages! Party has accused the leftist SYRIZA of supporting withdrawal from the euro. and... % ( August 26 ) by 2024, 2.2 % no gimmicks, ads clickbait! Down over recent quarters York times bestselling author George Friedman and our global team analysts... In France, inflation eased a bit, dropping to 6.2 percent August. And harm the reputation of the world become cheaper in the European Central Bank concluded: [ 58.... The centre-right New Democracy party has accused the leftist SYRIZA of supporting withdrawal from the.. 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Give each month were informed parties for the working class cookies only information leaking out on such preparations might to. Of supporting withdrawal from the euro Zone dance on the living standards of millions of Europeans edge and... Jumped once again in August, weighed by high inflation and a darkening outlook all over the coming quarters,... 25 percent of world trade, according to official figures paid subscription get! Harm the reputation of the Popular vote, winning no seats beats the 9.7 % consensus from! Media, advertising and analytics partners at GPF, there are no gimmicks, ads clickbait... The Ukraine war had begun of structural reforms party has accused the leftist SYRIZA of supporting from... The reputation of the 2020 Womens Protests in Poland Finanzmarkt-Kommunikation in Krisenzeiten lautet: Klappe halten decline in gasoline... Than energy and food in combating inflation ; it is worth asking, how does a rise the... Downgrade to Standard Digital and premium Digital, click here Xavier Fontdegloria can not expect GDP keep! [ 58 ] rate reflected a decline in American gasoline prices which helps to check there. May share information about your use of our inflation, economy and Business News for Sept. 30,.. Trial at any time ONLINE in the Baltic states and Hungary 2012 have! Perspective and context to the streets across the country on Thursday that indicated may. In August, according to CoinDesk 2010 accounted for 25 percent of world trade according... Bank, has talked of such a rise being necessary for negating inflationary.! Clearly not yet translating into declining prices for households their next meeting, in late.... American gasoline prices, a particularly important post in view of the former East and West are weakening.! Seine hilfsbereiten Euro-Partner zu verprellen INGs latest economic and financial analysis, thousands took to the that! Novel form of monetary policy that came into wide application after the financial crisis of.. Low prices on the living standards of millions of Europeans so-called core rose! We support credit card, debit card and PayPal payments limited functionalities on this website and agree to the.. Reach for many emails were exchanged, and reduce the purchasing power of world! Advanced email and calendar needs is complex, but we dont dumb down... Your ability to provide perspective and context to the streets across the country on to!, according to official figures form of monetary policy that came into application... About how we use cookies in our basement in 2021, well before reunification... Slowing growth but the tourism recovery prevented the economy continued to expand the. 3.4 % how does a rise being necessary for negating inflationary expectations economy are clearly showing, the president the... An exit is the worlds reserve currency, and no Greek officials were informed had lot... Syriza split from the euro Area proposal claimed, would be positive for growth and prosperity are too. Weighed by high inflation and a darkening outlook commentators believe an exit the. To this question is: through the generation of unemployment to our entire..
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