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Tags: europe inflation 8.1 percent | energy prices | russian war in ukraine

Eurozone Inflation Hits Record 8.1% Amid Soaring Energy Costs

EU inflation
(Dreamstime)

Tuesday, 31 May 2022 05:58 AM EDT

 Inflation in the 19 countries that use the euro currency hit a record 8.1% in May amid surging energy costs prompted in part by Russia's war in Ukraine, authorities said Tuesday.

Annual inflation in the eurozone soared past the previous record of 7.4% reached in March and April, according to the latest data from European Union statistics agency Eurostat.

Energy prices jumped 39.2%, highlighting how the war and the accompanying global energy crunch are making life more expensive for the eurozone’s 343 million people.

Inflation in the eurozone is now at its highest level since recordkeeping for the euro began in 1997. The latest figures add pressure on European Central Bank policymakers to raise interest rates from ultralow levels to rein in the rising prices.

Food prices also rose 7.5%, Eurostat said — another sign of how the war is pushing up prices around the world because Russia and Ukraine are major global food suppliers. Prices for goods like clothing, appliances, cars, computers and books rose 4.2%. Prices for services increased 3.5%, Eurostat said.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


StreetTalk
Inflation in the 19 countries that use the euro currency hit a record 8.1% in May amid surging energy costs prompted in part by Russia's war in Ukraine, authorities said Tuesday.
europe inflation 8.1 percent, energy prices, russian war in ukraine
173
2022-58-31
Tuesday, 31 May 2022 05:58 AM
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