Inflation is accelerating in the eurozone. The annual inflation rate rose to an all-time high of 8.6 per cent. The annual inflation rate in June in Estonia was 22 per cent, followed by Lithuania at 20.5 per cent, and Latvia at 19.2 per cent. These are politically unsustainable levels of inflation caused, of course, by rising oil and gas prices, which have risen 42 per cent on average this year.   The ECB increased interest rates on Thursday by 50 basis points. The deposit facility rate has moved from negative territory for the first time in several years. The chart below…

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