In June, according to the flash estimate and as measured by the Harmonised Index of Consumer Prices, we had an inflation rate of 8.2%. That is slightly lower than it was in May, which is partly a result of the Federal Government’s relief measures, such as the fuel rebate and the nine-euro ticket.
Inflation has not been this high for almost 50 years, during the first oil crisis. Like at that time, energy prices are currently playing a key role, but so are rising food prices. The triggers for these price rises are thus largely on the supply side. Most recently, the Russian war against Ukraine was the major contributing factor.