Consumer prices in the eurozone rose by a record 7.5 per cent in March from a year ago, piling pressure on the European Central Bank to tighten its ultra-loose monetary policy faster than planned.
The biggest factors driving up eurozone inflation were higher energy and food prices, which have surged since Russia’s invasion of Ukraine hit supplies of oil, gas and other commodities.
The flash estimate for the increase in the harmonised index of consumer prices in March compared with the earlier record of 5.9 per cent set in February and was well above the 6.6 per cent average forecasts of economists polled by Reuters.
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