The acceleration of inflation was caused by rising food and energy prices after the war in Ukraine that led to rising commodity prices, the agency said.
Inflation in the eurozone has accelerated to record levels. This was reported by Bloomberg.
Consumer prices in the Eurozone reported rising 8.1% year-on-year in May, more than the 7.8% average among economists surveyed by the agency.
The agency said the acceleration of inflation was caused by rising food and energy prices after the war in Ukraine which led to rising commodity prices. Core inflation, excluding short -term price changes, rose 3.8%.
Commerzbank economist Christoph Weil said there was no evidence of a rapid slowdown in inflation in the eurozone.
“Even without the closure of Russia’s oil and gas supplies, and if the annual rise in energy prices falls significantly with the development of the year, the inflation rate is likely to still be at 6% until the end. of the year, ”Wale said.
While price increases are expected to rise this quarter, they will still average the ECB’s target of 2% next year, according to EU forecasts.
Production is also reported to have slowed amid high commodity prices and a forced change in supply chains, and the EU ban on Russia’s oil could further increase pressure on prices that have already risen due to disruption in the supply of wheat and fertilizers.
It was previously reported that the European Commission had worsened its forecast for GDP and inflation due to Russia’s invasion of Ukraine.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.