Inflation reaches record level in eurozone as fuel prices surge

Inflation hit a new record for the 19 countries that use the euro as skyrocketing fuel prices boosted by the war in Ukraine add new burdens to household finances and weigh on a slowing economic recovery from the latest outbreaks of Covid-19.

Annual inflation hit 7.5% for April, the highest since statistics started in 1997 and the sixth record in a row, topping the old record of 7.4% from March.

Energy prices jumped a startling 38%, a testimony to how the war and the accompanying global energy crunch are affecting the eurozone’s 343 million people.

Fears that the war may lead to an interruption of oil or gas supplies from Russia, the world’s largest oil exporter, have pushed prices for oil and natural gas higher.

That comes on top of rebounding global demand amid recovery from the pandemic downturn and a cautious approach to increasing production from oil cartel Opec and allied countries including Russia.