Eurozone inflation rises to record 8.6% in June

(FILES) This file photo, taken on May 8, 2022, shows the headquarters of the European Central Bank (ECB) with the European flag in the foreground in Frankfurt am Main, western Germany. – European Central Bank policymakers will convene for an exceptional meeting on June 15, 2022, as more indebted eurozone members are stressed by rising borrowing costs. (Photo by Jann Schreiber/AFP)

BRUSSELS, Belgium (AFP) – Eurozone inflation accelerated to another record high in June, official data showed on Friday as the fallout from the war in Ukraine continues to weigh on the European economy.

EU data agency Eurostat said that consumer price growth in the 19 euro-using countries reached 8.6% in June, surpassing the previous record of 8.1% a month earlier.

Consumer prices in the euro area hit record highs since November due to sky-high energy prices caused by the aftermath of Russia’s invasion of neighboring Ukraine.

The European Central Bank said it would do its best to bring inflation back to its target, with political pressure high to control energy and food prices.

At the ECB’s latest meeting, policymakers agreed to the bank’s first interest rate hike in more than a decade.

A quarter-point hike due at the next meeting on July 21st will lift rates from their all-time lows.

“We will do our best to ensure that inflation stabilizes at 2 percent over the medium term,” ECB President Christine Lagarde said on Tuesday.

© Agence France-Presse