Eurozone hits record inflation of 9.1% amid gas and energy crisis

Eurozone inflation is up from 8.9% in July as the continent faces a spike in inflation energy, gas and food prices due to the current crisis in Ukraine.< /p> New

August marks the ninth consecutive month that eurozone inflation has risen to 9.1%. In July, the official inflation figures reached 8.9%. The Eurozone is made up of 19 countries, including Germany, France and Belgium.

This comes as the European Union (EU) faces a massive energy and gas crisis, largely due to the ongoing conflict in Ukraine. Current prices for basic necessities such as food, gas and electricity have soared across the continent.

In the last month , energy prices were the largest price pusher, rising at an annual rate of 38.3%, while food, alcohol and tobacco all rose at an annual rate of more than by 10%.

Former EU member Britain also hit an inflation rate of 10.1% in July, its highest level in 40 years, as reported by the United Nations. national statistics (ONS).

Eurozone countries Estonia and the Netherlands both saw notable inflation spikes of 2% from July.

Related: How to Preserve Capital During Inflation Using Cryptocurrencies?

Florian Glatz, an EU-based blockchain technology lawyer, co-founder of the German Blockchain Association and member of the EU Crypto Initiative, told Cointelegraph:

"Europe faces historic challenges, with inflation eroding the economic security of middle and low-income households."

Furthermore, Glatz believes the crypto industry has warned global governments that current monetary and economic systems "cannot withstand the challenges" at hand.

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