Inflation in the Eurozone is now at 8.9%, up from 8.9% in July. This is due to skyrocketing food, energy and gas prices in Europe as a result of the ongoing crisis in Ukraine.
August is the ninth consecutive month with an increase in inflation of 9.1%. Official inflation numbers for July were 8.9%. The Eurozone is made up of 19 countries: France, Germany, Belgium, and France.
This is largely due to the ongoing conflict in Ukraine. The current prices of daily necessities like food, gas, and electricity have all risen across Europe.
The largest price increase in the past month was attributable to energy prices, which rose at an annual rate 38.3%. Food, alcohol, and tobacco all increased at an annual rate over 10%.
The former EU member, the United Kingdom, also experienced a 40-year high inflation rate of 10.1% during July, according to the Organization of National Statistics.
Both Estonia and the Netherlands, Eurozone members, experienced inflation spikes of 2% from July.
Cointelegraph spoke with Florian Glatz (an EU-based lawyer who specializes in blockchain technology), co-founder of The German Blockchain Association, and member of EU Crypto Initative.
“Europe faces historic challenges with inflation eroding the economic security of households with lower and middle incomes.”
Glatz also believes that the crypto industry has been warning governments around the world that the current monetary system and economic systems are “not up to the challenge”.
It’s often seen by those who have adopted crypto as a hedge against inflation. However, this must be maintained in order for crypto to succeed.
Glatz believes that the EU must be relevant in the digital economy to offer a better value proposition to its citizens for their financial future.
“We need a new deal that empowers EU citizens, is powered by financial inclusion and new digital markets. We also want to make Web3 the long-awaited Digital Revolution in Europe.
This announcement comes just as the European Central Bank published its guidelines for licensing digital assets on Aug. 17.
