Due to the surge in energy prices, the inflation rate in the euro zone jumped in September to 3.4% over one year, the highest in thirteen years,
Eurostat announced this Friday.
Among the main components of the indicator, the energy sector experienced by far the largest increase in prices last month (+ 17.4%, after + 15.4% in August), the office said. European statistics.
A temporary phenomenon
Since June, inflation has increased every month in the euro area. It had reached 2.2% in July and 3% in August, still year-on-year, clearly exceeding the 2% target set by the European Central Bank (ECB). Tensions on prices are causing financial markets to fear a rise in interest rates. But the ECB, like the Fed, its American counterpart, consider the phenomenon temporary.
At this stage, the ECB does not plan to tighten its accommodative policy. Its president Christine Lagarde warned Tuesday that it was necessary to be careful not to “overreact” to changes in inflation caused by transitory effects. She called for “taking a step back” on the surge in inflation currently observed in the 19 countries sharing the single currency.
A strong economic recovery
The one-year inflation rate observed in September in the euro area is the highest since September 2008 when it reached 3.6%, said a spokesperson for Eurostat. According to many experts, the current inflationary surge is mainly linked to the surge in oil and gas prices and shortages of components in the industry, which are explained by the strong economic recovery following the crisis caused by the pandemic. of coronavirus.
In non-energy sectors, consumer prices rose much more moderately last month. They rose 2.1% over one year in industry (after 2.6% in August), 2.1% in food, alcohol and tobacco (2% in August) and 1.7% in services (+ 1.1% in August), according to Eurostat.