Countries in the 19 nation Eurozone are facing skyrocketing inflation as the Russian invasion of Ukraine threatens to raise energy prices throughout Europe, according to numbers released on March 2. Consumer prices in the EU jumped 5.8 percent from a year ago in February, up from 5.1 percent the previous month, the fourth straight month inflation hit an all-time peak and is now at its highest level since the euro was first issued in 1997. A core measure that excludes volatile components also accelerated, reaching 2.7 percent. The Eurozone continues to struggle with supply shortages, lingering lockdowns, and a pre-war energy crisis. Energy remains the main driver of inflation, according to analysis from Deutsche Bank, warning that rising oil and natural gas prices are pushing the euro lower and causing “a vicious inflationary spiral” as crude oil prices in euros hit an all-time high on March 1. The latest numbers …
Inflation in the Eurozone Hits Record High as War in Ukraine Affects Energy Prices
March 2, 2022
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