Eurozone Inflation Soars to Record 8.6% in June

The euro hit a record 8.6% in June, a half-percent increase from the previous record a month before.

Inflation was pushed by an increase in energy costs, which had risen 41.9% compared to last year's numbers. The price increase has been partly connected to Russia's war in Ukraine.

The cost of food, tobacco and alcohol also surged to a rate 8.9% more expensive than prices last year.

Baltic countries stand to be the worst hit among eurozone members. Inflation in Estonia, Lithuania and Latvia now stands at over 18%. Six more countries in the 19-member euro area face inflation rates at 10% or above.

Inflation in Germany fell slightly in June. It now stands at 8.2% — a half-percent decrease from May numbers.

However, inflation of the euro itself is at its highest level since record keeping for it began in 1997.

Price increases of goods such as clothing, appliances, cars, computers and books remained steady, as did prices for services.

The European Central Bank said it will do whatever it takes to bring energy and food prices back to target levels.

To counter climbing prices of consumer goods, the euro-managing institution is planning its first interest rate hike in 11 years. It is due to take effect this month and will be followed by another rate increase in September.

You can read this article as it originally appears at Deutsche Welle here.

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This article originally appeared at Deutsche Welle.