'LONDON (AP) — Inflation in countries using the euro set another eye-watering record .. Annual inflation in the eurozone’s 19 countries hit 8.6% in June, surging past the 8.1% recorded in May, according to the latest numbers published Friday by the European Union statistics agency, Eurostat. Inflation is at its highest level since recordkeeping for the euro began in 1997.
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Rising consumer prices are a problem worldwide, with the U.S. and Britain seeing inflation hit 40-year highs of 8.6% and 9.1%, respectively. That has led the U.S. Federal Reserve, Bank of England and other central banks worldwide to approve a series of interest rate hikes to combat inflation.
Colijn said the eurozone’s latest “ugly inflation reading” adds pressure on the European Central Bank to act quickly.
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Poland, which does not use the euro but is an EU member, reported Friday that inflation rose to 15.6% in June compared with a year earlier, the highest rate in a quarter-century. That was an increase from the annual rate of 13.9% in May.'
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Inflation hits record 8.6% for 19 countries using the euro, July 1, 2022
Context ('The "Manic-Depressive" Economy) - 'It’s turning into a debacle..'Powell made a shocking statement today at an ECB-sponsored forum on inflation, that the Fed does not understand inflation, June 29, 2022
'My definition of inflation is as follows "Inflation is an increase in money supply and credit, with credit marked to market".
This is how the real world works in a fiat credit-based system.
My definition is not easily measurable, but neither is the CPI.'
- Mish (Context:
'..The Quest for Sound Money and Good Government..' - '..the Fed's total incompetence in understanding inflation..')
'..monetary knowledge .. of currency reform under difficult conditions you have to go to Carl Menger.'(Global Stagflation) - 'Spanish Inflation Soars to 10%..' - '..the root cause of the Fed’s policy errors and long record of failed forecasts..'Euro-Zone Inflation Hits Record, Boosting Case for Big Hikes, July 1, 2022
((Hapto)praxeology) - '..Mises’s warning to the world .. not to suppress the market rate of interest in the name of creating prosperity.'Hayek Was Right, Keynes Was Not An Economist - '..Keynes ducks entirely the role of bank credit in inflating the money-quantity..''..The only way to stop the menace of boom-bust cycles is for the central bank to stop the tampering with financial markets..'(Praxeology) - Savings - Economic Growth - 'We Need More Wealth, Not Necessarily More Employment' - Entrepreneurship(Praxeology) - '..Menger’s experience stressed subjective factors..'(Praxeology) - '..his or her subjective values .. to explain all economic phenomena as the results of what people do..''..subjective knowledge treats knowledge as being tacit, private, subjective, and decentralized..'Our Obsession with Consumption — while Ignoring Saving and Investment — Is a Big Problem'..I’ve lost all respect for monetary economists..'Economics as the Study of Peaceful Human Cooperation and Progress'..ancient poems, and biblical narratives that warn us about the abuse of power by those place in positions of authority and privilege.'