Eurozone inflation hits record high of 5.8% in February
By Maria Martinez The eurozone's annual rate of inflation rose further in February, beating forecasts and marking the highest print in history.
Consumer prices rose 5.8% on year in February after a 5.1% rise in January, according to a first estimate released Wednesday by Eurostat, the European Union's statistics agency. Economists polled by The Wall Street Journal forecast eurozone inflation at 5.3% on year in February. The main driver of the on-year increase was energy prices, which rose 31.7% on year and compared with 28.8% in January.The core consumer price index--which excludes the more volatile categories of food and energy--rose 2.7% on year in February after rising 2.3% the previous month. This figure beats the 2.5% forecast of economists polled by The Wall Street Journal.
The acceleration in the eurozone's annual rate of inflation adds further evidence to a buildup in price pressures globally that is lasting longer than initially expected, amid strong consumer demand, high energy prices, and global supply-chain disruptions. Russia's attack on Ukraine will make energy prices climb, leading inflation even higher in the coming months, economists warn.
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