Inflation in the 19 countries that share the euro currency jumped to a record high in May, according to Eurostat, the E.U.’s statistical agency, with soaring energy prices driving the bulk of the uptick.
Eurostat said in a June 17 statement (pdf) that inflation in the euro area jumped to an annualized 8.1 percent last month, up from 7.4 percent in April and the fastest pace on record.
Inflation saw its biggest surge in Estonia (20.1 percent) and the lowest in France and Malta (5.8 percent each).
Barely a year ago, eurozone inflation stood at 2.0 percent, in line with the European Central Bank’s (ECB) inflation target, but a series of shocks have sent prices soaring….