Economics & Finance

Inflation in Eurozone hit the highest level since 1997

by Daily Sabah

Inflation in the eurozone hit yet another record high in June as price pressures broadened, and its peak could still be months away, firming the case for rapid European Central Bank (ECB) rate hikes starting this month.

Consumer price growth in the 19 countries that use the euro currency accelerated to 8.6% from 8.1%, the European Union statistics agency, Eurostat said on Friday.

The reading came in higher than expectations for 8.4% and was driven primarily by energy prices, fueled partly by Russia’s war in Ukraine, even as food and services also made a marked contribution.

Inflation is now at its highest level since recordkeeping for the euro began in 1997.

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