Data released Wednesday showed signs of European inflation worsening as consumer prices rose rapidly in September from a year earlier to nearly 11%. The cost of food increased by almost 16%, while energy prices surged by around 40%.
More than the cost of a basic loaf which costs 1 euro, now costs 1.30 euro, the prices of most essential food staples are now up nearly 19% from a year ago, which is the fastest rise on record according to Eurostat, Europe’s statistics agency, as Russia’s war in Ukraine has been a significant factor behind the increase in rolling energy markets and driving up prices for grains, oilseeds, and fertilizers.
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