EU member price rise hits record – RT Business News


Soaring inflation has hit the Czech Republic, sparking mass protests over the cost of living crisis

Inflation in the Czech Republic hit its highest level in three decades in September due to energy and fuel costs, the country’s statistics service reported on Tuesday. Year-on-year consumer prices rose to 18.0% last month from 17.2% in August.

“This acceleration was most influenced by housing elements, primarily energy and fuel prices, which were up nearly 50%, year-over-year,” noted Pavla Sediva, head of the CZSO’s consumer price statistics unit.

According to the statement, in September alone, consumer prices in retail stores jumped nearly 1% on average. During the current year, the increase in staple foods has exceeded the overall inflation rate. The cost of wheat flour has increased by almost 70% year-on-year, oils and fats – by more than 50%, milk and sugar – by around 50%.

On Saturday, a mass rally took place in Prague’s Wenceslas Square, thousands of people gathered to protest against rising prices, falling living standards and insufficient government measures in the current crisis.

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Europe is struggling to cope with a lingering energy crisis, partly caused by the EU’s campaign to phase out Russian energy exports.

Gas prices jumped after Russia launched its military operation in Ukraine in late February. The EU and other Western countries imposed sweeping sanctions on Moscow and began cutting off Russian energy supplies. Gasoline prices then reached record highs, causing headline inflation to rise.

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