(VOVWORLD) - Inflation in the Eurozone is continuing to reach record highs, leading to increasing energy prices, interest rates, and food costs.
 (illustrative photo: DW) |
In October, the Eurozone's Consumer Price Index increased by an average of 10.7%, the highest annual rise in history, while salaries in the second quarter increased only 4.1% from a year ago.
Food, fuel, and rent prices all rose, while wages and salaries fell the most in many years due to tight labor market conditions.
A survey by a British financial agency shows that nearly 32 million people, accounting for 60% of all adults in the country, feel pressure to pay daily bills.
A poll in Germany found that more than 90% of respondents had to cut spending due to rising prices.
Helping households and businesses get through the price crisis is one of the top priorities of EU countries. Eurozone Finance Ministers have discussed how to better support member economies to combat rising energy prices and prepare for a looming recession.
European policymakers are actively responding to the energy crisis by building gas reserves, and making appropriate policies to address the effects of high inflation and slow growth.