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Inflation in eurozone soars to record 7.5%

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Inflation in the eurozone has soared to another record in a fresh sign that rising energy prices fuelled by Russia’s war in Ukraine are squeezing consumers and adding pressure on the central bank to raise interest rates.

Consumer prices in the 19 countries that use the euro rose by an annual rate of 7.5 per cent in March, according to the European Union statistics agency Eurostat.

The latest reading smashed the high set last month, when it hit a revised 5.9 per cent.

European Commission HQ, Europe, Brussels,
The latest reading smashed the high set last month, when it hit a revised 5.9 per cent.

Inflation in the eurozone has been setting records for months and is at its highest level since records for the euro began in 1997.

The spiking price of energy has been a major factor contributing to record inflation. Eurostat said energy costs rose 44.7 per cent last month.

Food, alcohol and tobacco costs rose 5 per cent, prices for goods like clothing, appliances, cars, computers and books rose 3.4 per cent, and service prices rose 2.7 per cent.

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