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Inflation in the Eurozone hits a new record

People pump gas for vehicles at a gas station in Berlin, Germany. Photo: THX/VNA

According to the European Statistical Office, the rate inflationary in May increased by 8.1% over the same period last year, far exceeding the increase in April and experts’ forecasts. The escalation of the inflation rate was mainly driven by the galloping 39.2% in energy prices and 7.5% in food prices.

Currently, inflation in the Eurozone has increased by four times compared to the 2% target set by the European Central Bank (ECB).

Inflationary pressure is likely to increase further in the near future, as the EU is still stepping up efforts to limit energy imports from Russia. Inflation continues to rise above expectations, which will put great pressure on the European Central Bank (ECB) to force it to accelerate efforts to tighten monetary policy.

As planned, in July, the ECB will raise interest rates by 0.25% to curb inflation, but the effectiveness of this measure is still a mystery when commodity prices have not shown any sign. decrease in the near future. Even the governors of the central banks of Austria, the Netherlands and Latvia proposed to consider raising interest rates by 0.5%.

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