Inflation in the Eurozone Skyrockets to 8.6 Percent
LONDON (AP) – Inflation in countries using the euro set another eye-watering record, pushed higher by a huge increase in energy costs fueled partly by Russia´s war in Ukraine.
Annual inflation in the eurozone’s 19 countries hit 8.6% in June, surging past the 8.1% recorded in May, according to the latest numbers published Friday by the European Union statistics agency, Eurostat. Inflation is at its highest level since recordkeeping for the euro began in 1997.
Energy prices rocketed 41.9%, and prices for food, alcohol and tobacco were up 8.9%, both faster than the increases recorded the previous month.
Demand for energy has risen as the global economy bounced back from the depths of the COVID-19 pandemic and Russia’s invasion of Ukraine made things worse.
Public Must ‘Immediately’ Cut Energy Usage to Curb Threat to ‘Political Cohesion’ – Energy Companies https://t.co/z2LWS6kH3U
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European Union leaders agreed to ban most Russian oil imports by the year’s end, driving a price spike. The 27-nation bloc wants to punish Moscow and reduce its reliance on Russian energy, but it’s also adding to financial pain for people and businesses as utility …