Eurozone hits record inflation of 9.1% amid gas and energy crisis
cointelegraph.comAugust marks the ninth consecutive month of rising inflation for the Eurozone at 9.1%. In July, the official inflation numbers landed at 8.9%. The Eurozone consists of 19 countries, including Germany, France and Belgium.
This comes as the European Union (EU) faces a massive energy and gas crisis, largely as a result of the ongoing conflict in Ukraine. Current prices for daily necessities such as food, gas and electricity have soared across the continent.
Over the last month, energy prices made up the largest price push, up by an annual rate of 38.3%, While food, alcohol and tobacco all rose by an annual rate of over 10%.
Former EU member the United Kingdom also hit a 40-year-high inflation rate of 10.1% in July, as reported by the Organization of National Statistics (ONS).
Eurozone countries Estonia and the Netherlands both experienced noticeable inflation spikes of 2% up from July.
Related: How to preserve capital during inflation using cryptocurrencies?
Florian Glatz, an EU-based lawyer specializing in blockchain technology, co-founder of the German Blockchain Association and member of the EU Crypto Initative, told Cointelegraph:
Moreover, Glatz believes the crypto industry has been warning global governments that current monetary and economic systems “don‘t hold up to the challenges” at hand.
Among those who have already adopted crypto, it's often seen as a hedge against inflation. Though, for this to work it the crypto community must continue to push mass adoption and proper implementation.
Glatz says the EU needs to become relevant in the digital economy to present a better value proposition for the financial future of its people.
This comes as the European Central Bank released its guidelines on licensing digital
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