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The eurozone is facing high levels of inflation. In January of this year, consumer prices rose by 5.1 percent compared to the same period last year, which is the highest value of inflation ever recorded since the introduction of the common currency in 1999.
Economic experts say that this sudden jump in the inflation rate is a strong blow to the European Central Bank. Compared to a month ago, general consumer prices increased by 0.3 percent, while forecasts were for a decrease of 0.4 percent. It seems that one of the main factors that has contributed to this deterioration of the situation, is energy.
Its prices rose tremendously, by almost 30% compared to the same month last year. In Germany, E10 gasoline is more expensive than ever. These days, its average price in the country was 1,712 Euros per liter.
This is considered the highest price of gasoline in the country since September 2012, when it was 1,709 Euros. Food and drink have also increased this month. The ECB has not yet predicted an increase in interest rates, but this possibility is also being speculated in the financial markets.
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