Eurozone inflation hits record 8.1% amid rising energy costs

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

The latest data from European Union statistics agency Eurostat showed that annual inflation in May surpassed the previous record of 7.4% reached in the previous two months.

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.

Food prices also rose 7.5%, while prices for goods were up 4.2% and the cost for services rose 3.5%.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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