War is inflationary. However, the current inflation comes from before the conflict in Ukraine. According to Eurostat, in January 2022 year-on-year inflation had already reached 5.1% in the eurozone when in December 2019, before the pandemic, it was only 1.2%. The figure of 9.1% for August 2022 – the highest in the last 50 years – has two potential causes acting at the same time: