Inflation in the 19 countries that use the euro currency reached a record high in June due to a significant increase in energy costs that was sparked, in part, by Russia’s war in Ukraine.
According to preliminary estimates provided on Friday by Europe’s statistics organization Eurostat, headline inflation for the previous month came in at 8.6 percent (year over year).
As a result of the war’s effects on the world’s energy supplies, which have increased living costs for the 343 million people who live in the eurozone, inflation has smashed monthly records since last year.
In order to combat growing consumer prices, the European Central Bank plans to increase interest rates this month for the first time in 11 years and again in September.
