Eurozone inflation reaches new record high of 5.8%

Inflation

Inflation in the eurozone increased to a new record high of 5.8% in February, according to Eurostat.

Energy prices remained a key factor boosting overall inflation. They increased year on year by 31.7% last month.

“Eurozone inflation is very likely to rise above 6% in the coming months,” says Jack Allen-Reynolds, senior Europe economist with Capital Economics. “It then looks set to remain well above the ECB’s target for a long time, most likely ending the year around 4%.”

On March 10, the

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