Eurozone Inflation Rises to 3.3 Percent in August
7 sources across 5 countries
Who reported this
- ANSA
- Corriere della Sera
- Financial Times
- Reuters
- Folha de S.Paulo
- Frankfurter Allgemeine
- El Pais
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
- A hatched block means the outlet is affiliated with, or controlled by, a state.
Political lean describes where an outlet sits within the politics of its own country. It is never a position on a single global scale.
Political lean is comparable inside one country and not across them, which is why the bar groups by country first. Publicly funded broadcasters are not marked as state-linked.
The owner of each outlet is listed as a matter of record, not as a judgement about the outlet.
Inflation in the eurozone rose to 3.3 percent in August, up from 2.9 percent in July, according to preliminary estimates from Eurostat. The increase was primarily driven by energy prices, which surged 14.3 percent year on year. Other contributors included services, which rose 3.0 percent, and food, alcohol, and tobacco, which increased by 1.2 percent. Core inflation, which excludes volatile energy and food prices, saw a slight decline from 2.5 percent to 2.4 percent. Regional variations were significant: Lithuania recorded the highest inflation at 5.8 percent, while Estonia had the lowest at 1.3 percent. In Germany, the rate was 2.9 percent, while Spain saw an increase to 4.5 percent.
This data has increased expectations that the European Central Bank will raise interest rates during its meeting next week. Many analysts and officials expect the deposit rate to rise from 2.25 percent to 2.5 percent. Some officials, including Isabel Schnabel, have argued that further tightening is necessary to return inflation to the 2.0 percent target. The current economic pressure is linked to geopolitical tensions in the Middle East, specifically a conflict involving Iran and the closure of the Strait of Hormuz, which has disrupted hydrocarbon and fertilizer supplies.
Outlets with a center lean focused on the macroeconomic implications and the likelihood of the ECB rate hike. Center right sources emphasized the impact on savers and borrowers while highlighting the risk of energy costs being passed on to customers. Center left coverage focused more heavily on the geopolitical causes of the inflation, specifically the conflict in the Middle East and the resulting blockade of the Strait of Hormuz.
How each side framed it
- Centre-left
- Emphasized the geopolitical drivers and the specific impact of the Middle East conflict on energy supplies.
- Centre
- Focused on the data and the resulting probability of a central bank interest rate hike.
- Centre-right
- Highlighted the potential for long term price increases and the specific effects on savers and borrowers.
Sources
- Centre ANSA: Energy prices push inflation, in August it rises to +3.3%
- Centre-right Corriere della Sera: Istat, inflation bites again: +3.3% in August, the blow on energy
- Centre-left El Pais: Inflation in the eurozone rises to 3.3% in August driven by energy
- Centre Financial Times: Eurozone inflation rises to 3.3% in August
- Centre Financial Times: ECB to raise rates again amid higher Eurozone inflation
- Centre Folha de S.Paulo: Inflation in the euro zone exceeds 3% and pressures European Central Bank
- Centre-right Frankfurter Allgemeine: Inflation jump: Inflation in the Eurozone rises significantly to 3.3 percent
- Centre Reuters: Euro zone inflation rises above 3%, cementing ECB rate hike bets - Reuters
100% of the statements in this article were traced back to the source articles listed above.