Producer price inflation in the eurozone surged to a record high in the year through March, the European Union’s statistical agency reported, delivering a fresh sign that inflationary pressures continue to bedevil economies around the world and reinforcing concerns about stagflation.
The European Union’s statistics office Eurostat said in a May 3 statement (pdf) that the euro area’s producer price index, which tracks inflation before it hits consumers, rose by an annual 36.8 percent and a monthly 5.3 percent in March, the fastest pace on record.
Skyrocketing energy costs, which vaulted by a staggering 104.1 percent year-over-year and 11.1 percent month-over-month in March were behind the bulk of the wholesale price surge.
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