Inflation in the 19 European nations that share the euro currency surged to a record high in June, official data shows, as pressure builds on monetary authorities to deliver the first rate hike in 11 years to cool soaring prices.
Eurostat, the E.U.’s statistical agency, said on July 1 (pdf) that the annual pace of inflation in the eurozone accelerated from 8.1 percent in May to hit an all-time high in June of 8.6 percent.
The record reading came in above Reuters forecasts of 8.1 percent and is over four times higher than the 1.9 percent pace of inflation notched a year ago in June, a rate that was in line with the European Central Bank’s (ECB) target of 2 percent….