Europe sets new record for inflation

The annual inflation in the Euro zone was the highest in its history in August, reaching 9.1% compared with 8.9% in July, Bloomberg reported.

The main reason for the acceleration of record inflation remains the rise in food and energy prices, the agency said. As in previous months, this result again exceeded economists' forecasts.

The European Central Bank attributes rising prices to the aftermath of the conflict in Ukraine. The bank also pointed to a sharp increase in demand after the removal of restrictions imposed because of COVID-19.

Sanctions work like clockwork, only contraclockwise.