[cityhantam]

Surging fuel and food prices send eurozone inflation to new high of 7.5%

Record rate for bloc increases pressure on European Central Bank to raise interest rates

https://www.ft.com/content/6fc23069-6184...0c83d29349


https://www.channelnewsasia.com/business...rd-2601861

Ukraine war pushes eurozone inflation to new record

Spiralling energy bills and disruptions caused by the war in Ukraine caused consumer prices in the eurozone to surge by a new record of 7.5 per cent, EU statistics agency Eurostat said Friday (Apr 1).

Last month's rise marked a further acceleration in inflation from February, which at 5.9 per cent year-on-year was already a eurozone record, it said.

The surge has been fuelled by a 44.7-per cent hike in energy prices over the year as Europe found itself caught in an oil and gas crunch due to tensions with Russia over its invasion of Ukraine.

European Central Bank (ECB) president Christine Lagarde warned Wednesday that a prolonged Ukraine conflict will keep energy prices and the cost of living spiralling, blighting a post-COVID recovery. ......

"The question is whether the worst is behind us now and that seems doubtful," said Bert Colijn of ING bank.

"The ECB is running out of painless options to battle current economic problems, so we expect it to tread carefully," he added.