© Andy Rain/EPAConsumer costs in the 19-member currency bloc soared in June, statistics show
Data shows that costs rose by 8.9% last month on an annual basis, compared with 7.5% growth in May.
Despite a marginal overall increase in retail spending, sales of food, drinks, and tobacco fell on the month by 0.3%, compounding the 2.3% slump recorded in April.
Comment: At a time when they should be stocking up for when the situation really begins to bite: 'Most challenging period in history': Tajikistan's President urges citizens to stockpile 2 years worth of food amidst global instability
Inflation has been rising steadily in the Eurozone for more than a year, reaching 8.6% in June. It is currently four times higher than the target set by the European Central Bank (ECB). The regulator, which has vowed to tackle the surge in prices, is due to meet in late July to start raising interest rates.
ECB President Christine Lagarde said earlier this week that if the inflation outlook does not improve, "we will have sufficient information to move faster."
Comment: One dreads to think what they have in mind.
Comment: Some countries are warning household gas will be rationed, and to a limited extent certain food items already have been. However it's likely that, soon enough, many more items will be restricted, both because of panic buying - as happened during the lockdowns - but also because of the looming 'apocalyptic' food shortages. Which begs the question: why would the government in the Netherlands be so determined to shut down huge numbers of farmers amidst soaring food costs and shortages?