Inflation in the eurozone reaches a record high.

Consumer prices increased by 8.9%, the largest increase ever.

According to preliminary figures released on Friday by the European Union Statistics Office (Eurostat), inflation in the Eurozone reached its highest level ever in July, reaching 8.9 percent.

The outcome was significantly higher than the ECB's aim of 2% and worse than the predicted 8.6% increase in consumer prices.

After increasing by 0.8 percent the month before, the index increased by 0.3 percent month over month.

Energy prices, which are up 39.7% year over year this month after rising 42 percent in June, are the primary cause of the inflationary spike, according to analysts. Analysts note that costs for processed foods and services have also increased, which may indicate that inflation is spreading more widely.

Prices for manufactured items increased 4.5 percent while those for food, alcohol, and tobacco surged 9.8 percent. From 3.4 percent in June, the cost of services growth surged to 3.7 percent. Prices that do not include food and energy increased by 4% from 3.7% in the previous month.

The ECB pledged additional similar actions in the months ahead despite the prospect of the economy entering a recession when it hiked the key rate by 50 basis points earlier this month to control prices. This was the first rate hike in 11 years.

The rate will increase by 35 basis points in September and by a total of 90 basis points by the end of the year, according to Reuters experts. The following ECB meeting is slated for September 8.

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