{"id":427219,"date":"2022-08-31T22:14:07","date_gmt":"2022-08-31T16:44:07","guid":{"rendered":"https:\/\/www.www.bullfrag.com\/eurozone-hits-record-9-1-inflation-amid-gas-and-power-crisis\/"},"modified":"2022-08-31T22:14:07","modified_gmt":"2022-08-31T16:44:07","slug":"eurozone-hits-record-9-1-inflation-amid-gas-and-power-crisis","status":"publish","type":"post","link":"https:\/\/www.bullfrag.com\/eurozone-hits-record-9-1-inflation-amid-gas-and-power-crisis\/","title":{"rendered":"Eurozone hits record 9.1% inflation amid gas and power crisis"},"content":{"rendered":"
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The month of August marks the ninth consecutive month of rising inflation in the eurozone, with 9.1%<\/strong>. In July, the official inflation figures were 8.9%. The eurozone is made up of 19 countries, including Germany, France and Belgium.<\/p>\n

This comes at a time when the European Union (EU) is facing a huge gas and energy crisis, largely as a result of the ongoing conflict in Ukraine. The current prices of basic necessities such as food, gas and electricity have skyrocketed across the continent.<\/p>\n

<\/figure>\n

In the last month, energy prices rose the most, with an annual rate of 38.3%, while food, alcohol and tobacco all rose at an annual rate of more than 10%.<\/p>\n

The United Kingdom, a former member of the EU, also reached in July the highest inflation rate of the last 40 years, 10.1%, according to the Organization for National Statistics (ONS).<\/strong><\/p>\n

The eurozone countries, Estonia and the Netherlands, experienced notable increases in inflation of 2% compared to July.<\/p>\n

Florian Glatz, an EU lawyer specializing in blockchain technology, co-founder of the German Blockchain Association and member of the EU Crypto Initiative<\/strong>he told Cointelegraph:<\/p>\n

“Europe faces historic challenges, with inflation eroding the economic security of low- and middle-income households.”<\/p><\/blockquote>\n

Also, Glatz believes that the cryptocurrency industry has warned world governments that current monetary and economic systems are “not up to the challenges” ahead.<\/strong><\/p>\n

Among those who have already adopted cryptocurrencies, they are often seen as a hedge against inflation<\/strong>. However, for this to work, the cryptocurrency community must continue to push for mass adoption and proper implementation.<\/p>\n

Glatz says that the EU needs to be relevant in the digital economy to present a better value proposition for the financial future of its citizens. <\/p>\n

“We need a new deal for EU citizens that is driven by financial inclusion, opportunities in new digital markets and the desire to make Web3 the long-awaited Made in Europe Digital Revolution.”<\/p><\/blockquote>\n

This comes as the European Central Bank published its guidelines on the licensing of digital assets, such as cryptocurrencies, on August 17.<\/p>\n

Clarification:<\/span> The information and\/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.<\/span><\/p>\n<\/div>\n

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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The month of August marks the ninth consecutive month of rising inflation in the eurozone, with 9.1%. In July, the official inflation figures were 8.9%. The eurozone is made up of 19 countries, including Germany, France and Belgium. This comes at a time when the European Union (EU) is facing a huge gas and energy<\/p>\n","protected":false},"author":63,"featured_media":427220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3394],"tags":[33732,3660,3840,28129,4120,4780,4688,5658,5322],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvNmZjNTE0MWEtYWQ0Yy00YTc1LWJlMTAtNTU1YzljMzI0MTIzLmpwZw==.jpg","_links":{"self":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/posts\/427219"}],"collection":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/comments?post=427219"}],"version-history":[{"count":0,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/posts\/427219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/media\/427220"}],"wp:attachment":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/media?parent=427219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/categories?post=427219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/tags?post=427219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}