FRANKFURT—Eurozone inflation held steady at a record high 7.4 percent in April, driven by soaring fuel and food costs, the EU’s statistics agency said on Wednesday, lowering its estimate from a preliminary 7.5 percent.
Inflation has soared over the past year, first on post-COVID supply bottlenecks and latterly on knock-on effects from Russia’s war in Ukraine, which have pushed up prices of everything from raw materials to finished industrial goods.
Price presses are now so broad that even underlying inflation, which filters out volatile food and fuel costs, is well above the European Central Bank’s 2 percent target, indicating that high price growth is at risk of getting entrenched….