Macroeconomics

In July, a new absolute record of inflation was recorded in the Eurozone - 8.9% on an annual basis compared to 8.6% in June. This is stated in the published report of the European statistical agency Eurostat. Annual inflation in the Eurozone increased 3.5 times from 2.16% last year for July.

As noted by the agency, monthly inflation rose by 0.1% in July, after a rise of 0.8% in June.

According to Eurostat, the inflation rate for energy is the highest it’s been since the Harmonised Index of Consumer Prices (HICP) was first published back in 1997

Inflation in Britain jumped to a new 40-year high in July due to rising food prices, official statistics showed. Forecasts of a recession are added to the crisis of living costs, AFP reported.

The residential property market is on the government's radar, while excessive price movements are being closely watched, Treasury and Finance Minister Nureddin Nebati has said.

A comprehensive study on the sharp increases in the real estate market has been launched, Nebati said. "We are doing and will continue to do what is necessary."

Türkiye's current account deficit was $3.46 billion in June, rising by $2.27 billion from a year ago, according to the Central Bank.

Turkish inflation rose to a fresh 24-year high of 79.6 percent in July, official data showed yesterday.

Month-on-month, consumer prices rose 2.37 percent in July, the Turkish Statistical Institute (TÜİK) said. Annually, consumer price inflation was forecast to be 80.5 percent.

Inflation in Bulgaria will accelerate to 12.5% in 2022 due to higher energy and food prices and the indirect impact of higher energy prices for businesses on headline inflation. This is what the European Commission predicts for Bulgaria in its summer forecast.

Britain's economy rebounded in May, official data showed yesterday, dampening fears of a slowdown despite surging inflation and rising interest rates.    

Gross domestic product expanded 0.5 percent, the Office for National Statistics said in a statement, beating expectations of zero growth.    

European Commission to propose incentives for households and industry who reduce demand before winter

Türkiye's current account deficit widened by $3.2 billion from a year ago to stand at $6.5 billion in May, the country's Central Bank said on July 8.

The 12-month cumulative current account gap, thus, reached $29.44 billion.