European inflation soars to record 8.9 per cent in July

Rising inflation is hitting many countries.Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices driven partly by Russia’s war in Ukraine. Annual inflation in the eurozone’s 19 countries rose to 8.9% in July, an increase from 8.6% in June, according to the European Union statistics agency published on Friday. Inflation has been running at its highest level since 1997, when record-keeping for the euro began. Energy prices surged by 39.7%, while food prices rose by 9.8% and other goods by 4.5%. Consumer prices in the 19 countries that use the euro currency rose by an annual rate of 7.5% in March, according to the European Union statistics agency, Eurostat.