Inflation for euro-using countries hits record high

Figures released Wednesday show that August inflation was at 9.1 percent, its highest since record-keeping for the euro began in 1997. The figure was up a bit from 8.9 percent for July in the 19 countries that use the euro as their currency. The European Central Bank is fighting inflation with interest rate increases, which could also smother economic growth. Rising food and energy prices are challenging household finances in many European countries. Russia has also reduced fuel supplies to countries supporting Ukraine.

What does inflation look like elsewhere in the world? Britain, Denmark, and Norway—which have their own currencies—are also witnessing increasing inflation. U.K. residents may see their energy bills spike 80 percent, regulators warned last week. In the United States, prices continue to climb—at 8.5 percent in July compared to a year ago—even as the Federal Reserve tries to flatten the trend with interest rate hikes of its own.

Dig deeper: Read the report in WORLD magazine from some of this year’s WJI students about the effects of inflation on the food supply chain.