{"id":1647378,"date":"2022-08-31T09:29:17","date_gmt":"2022-08-31T13:29:17","guid":{"rendered":"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/?post_type=station&p=1647378"},"modified":"2022-09-01T00:04:15","modified_gmt":"2022-09-01T04:04:15","slug":"eurozone-hits-record-inflation-of-9-1-amid-gas-and-energy-crisis","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/eurozone-hits-record-inflation-of-9-1-amid-gas-and-energy-crisis\/","title":{"rendered":"Eurozone hits record inflation of 9.1% amid gas and energy crisis"},"content":{"rendered":"

August marks the ninth consecutive month of rising inflation for the Eurozone at 9.1%. In July, the official inflation numbers landed at 8.9%. The Eurozone consists of 19 countries, including Germany, France and Belgium. <\/p>\n

This comes as the European Union (EU) faces a massive energy and gas crisis, largely as a result of the ongoing conflict in Ukraine. Current prices for daily necessities such as food, gas and electricity have soared across the continent. <\/p>\n

\"image\"<\/figure>\n

Over the last month, energy prices made up the largest price push, up by an annual rate of 38.3%, While food, alcohol and tobacco all rose by an annual rate of over 10%.<\/p>\n

Former EU member the United Kingdom also hit a 40-year-high inflation rate of 10.1%<\/a> in July, as reported by the Organization of National Statistics (ONS).<\/p>\n

Eurozone countries Estonia and the Netherlands both experienced noticeable inflation spikes of 2% up from July. <\/p>\n

Related: <\/em><\/strong>How to preserve capital during inflation using cryptocurrencies?<\/em><\/strong><\/a><\/p>\n

Florian Glatz, an EU-based lawyer specializing in blockchain technology, co-founder of the German Blockchain Association and member of the EU Crypto Initative, told Cointelegraph:<\/p>\n

\u201cEurope is facing historic challenges, with inflation eroding away the economic security of middle and lower income households.\u201d<\/p><\/blockquote>\n

Moreover, Glatz believes the crypto industry has been warning global governments that current monetary and economic systems \u201cdon\u2018t hold up to the challenges\u201d at hand. <\/p>\n

Among those who have already adopted crypto, it’s often seen as a hedge against inflation. Though, for this to work, the crypto community must continue to push for mass adoption and proper implementation. <\/p>\n

Glatz says the EU needs to become relevant in the digital economy to present a better value proposition for the financial future of its people. <\/p>\n

\u201cWe need a new deal for EU citizens that is powered by financial inclusion, opportunities in new digital markets and the desire to make Web3 the long-awaited Digital Revolution made in Europe.\u201d<\/p><\/blockquote>\n

This comes as the European Central Bank released its guidelines on licensing digital assets<\/a>, such as cryptocurrencies, on Aug. 17. <\/p>\n","protected":false},"author":1,"featured_media":1647383,"template":"","meta":{"_eb_attr":"","type":"","auto_type":false,"post":"","stream":"","stream_url":"","waveform_data":[],"duration":0,"start":0,"end":0,"bpm":0,"downloadable":false,"download_url":"","purchase_title":"","purchase_url":"","post-count-all":0,"like_count":0,"download_count":0,"editor_note":"","copyright":"","captions":[],"sources":[]},"genre":[41],"station_tag":[3634,3884,14560,6428,3888,14557,4298,4150,14559,5019,3767,4158,4302,3837,4469,3646,4852,5873,4746,4089,14576,26562,7457,14558,8453,12764,9642,14556,8593,14575,7894,14555],"artist":[5815],"mood":[],"activity":[],"_links":{"self":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station\/1647378"}],"collection":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station"}],"about":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/types\/station"}],"author":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media\/1647383"}],"wp:attachment":[{"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/media?parent=1647378"}],"wp:term":[{"taxonomy":"genre","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/genre?post=1647378"},{"taxonomy":"station_tag","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/station_tag?post=1647378"},{"taxonomy":"artist","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/artist?post=1647378"},{"taxonomy":"mood","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/mood?post=1647378"},{"taxonomy":"activity","embeddable":true,"href":"https:\/\/platodata.io\/wp-json\/wp\/v2\/activity?post=1647378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}