Eurozone inflation hit a record 8.1 per cent in May, amid surging energy and food costs fuelled in part by Russia's war in Ukraine. Inflation in the eurozone is now at its highest level since record-keeping for the euro began in 1997. Strong global demand following the COVID-19 pandemic, and a cautious approach to increasing production from oil cartel OPEC, have lifted energy prices. Estonia's inflation rate reached 20 per cent, while in Lithuania it was 18.5 per cent and in Latvia it came to 16.4 per cent. The latest figures add pressure on eurozone officials to raise interest rates from ultra-low levels to rein in rising prices, though that risks stifling economic recovery.

Source: CNN May 31, 2022 20:00 UTC