Inflation in Europe hit a new high, indicating that rising energy prices, fueled by Russia’s war in Ukraine, are putting pressure on consumers and forcing the central bank to boost interest rates.
According to Eurostat, the European Union statistics agency, consumer prices in the 19 nations that use the euro currency climbed by 7.5 percent on an annual basis in March.
The most recent result shattered the previous high of 5.9% recorded just last month.
For months, inflation in the eurozone has been breaking records, and it is now at its highest level since the euro was introduced in 1997.
The rising cost of energy has been a major contributor to the country’s record inflation rate. Last month, energy expenses increased by 44.7 percent, according to Eurostat.
Food, alcohol, and cigarette prices increased by 5%; apparel, appliances, vehicles, computers, and books prices increased by 3.4 percent; and service prices increased by 2.7 percent.