Energy price hike pushes eurozone inflation to record 5.8%

Energy price hike pushes eurozone inflation to record 5.8%

AFP

Synopsis

The rise, from 5.1 percent in January, was announced as oil and gas prices rocketed even higher over fears about the impact on supplies from Russia’s invasion of Ukraine.

AP
FILE – A pumping unit sucks oil from the ground near Greensburg, Kan

Russia-Ukraine War

Eurozone inflation soared in February to a new record high of 5.8 percent mainly on the back of surging energy prices, the EU’s official statistics agency Eurostat said Wednesday.

The rise, from 5.1 percent in January, was announced as oil and gas prices rocketed even higher over fears about the impact on supplies from Russia‘s invasion of Ukraine.

Brent crude topped $110 a barrel for the first time since 2014 and WTI followed suit hours later to hit 2013 high. European natural gas prices hit a record high.

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