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Europe Inflation: In the 19 countries that use the euro currency, inflation reached a record 8.9 percent during the month of July. Inflation has increased due to the rise in oil and gas prices due to the ongoing military crisis between Russia and Ukraine.
A figure was released on Friday by the European Union’s statistics agency. According to which, in 19 countries that use the euro currency, annual inflation rose to 8.9 percent in July. It was 8.6 percent in June a month ago. For the first time since 1997, inflation in these European countries has become so high. It is operating at its highest level ever. According to the data, the price of energy has increased by 39.7 percent, the price of food articles has increased by 9.8 percent and the price of goods has increased by 4.5 percent.
The economy of these countries grew by 0.7 percent during the April-June quarter as compared to the previous quarter. Whereas the GDP growth rate was four percent compared to the same period a year ago.
India’s retail inflation rate in June stood at 7.01%. Which is 0.03% less than the previous month i.e. May, while the US had an inflation rate of 8.6 percent in the month of May. Which increased further in June. Compared to the US, the inflation rate in India is low, but the Indian currency is much weaker than the US dollar. If India starts reducing its dependence on the dollar, then the falling rupee and rising inflation can be controlled to some extent. But that doesn’t seem to be happening in the near future.
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