Eurozone inflation hits record 8.1% amid rising energy costs

Inflation within the 19 international locations that use the euro forex hit a report 8.1% in Might amid surging power prices prompted partially by Russia’s battle in Ukraine, authorities stated Tuesday.

Annual inflation within the eurozone soared previous the earlier report of seven.4% reached in March and April, in keeping with the newest knowledge from European Union statistics company Eurostat.

Power costs jumped 39.2%, highlighting how the battle and the accompanying international power crunch are making life costlier for the eurozone’s 343 million folks.

Inflation within the eurozone is now at its highest stage since recordkeeping for the euro started in 1997. The newest figures add stress on European Central Financial institution policymakers to boost rates of interest from ultralow ranges to rein within the rising costs.

Meals costs additionally rose 7.5%, Eurostat stated — one other signal of how the battle is pushing up costs around the globe as a result of Russia and Ukraine are main international meals suppliers. Costs for items like clothes, home equipment, vehicles, computer systems and books rose 4.2%. Costs for companies elevated 3.5%, Eurostat stated.