Eurozone inflation hits record-breaking 5.8 percent after Russia’s invasion of Ukraine

UK inflation increases to 5.5%

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Estimates published on Wednesday by Eurostat indicated inflation across the 19 member states of the monetary union has risen by 0.7 percent when compared to January. Last month, inflation had reached 5.1 percent, which was noted as the highest level recorded since the indicator was introduced in 1997.

The rate is well above the 2 percent target set by the European Central Bank.

According to French business news channel BFM, the rise in consumer prices is driven by soaring oil, gas and electricity prices.

Energy prices in particular rose by 31.7 percent year-on-year in February.

Food prices also increased last month up to 4.1 percent.

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Industrial goods rose by a modest 3 percent and services by 2.5 percent.

The rise could put additional pressure on the cost of living crisis which has gripped many parts of the Western world.

Events in Ukraine are said to be fuelling price rises.

Vladimir Putin launched an invasion of Ukraine on February 24.

Countries have since imposed sanctions on Russia and nearby Belarus.

As one of the EU’s main gas suppliers and a world-leading oil exporter, Russia’s invasion has caused significant problems.

The Eurozone’s most recent estimate tips the single currency area past the UK’s inflation rate.

Brexit Britain’s inflation rate in January stood at 5.4 percent.

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But the US rate has also soared as according to the US Bureau of Labor Statistics, America’s inflation rate reached a 40-year-high at 7.5 percent.

US President Joe Biden stressed the importance of tackling inflation in his maiden State of the Union address on March 1.

Additional reporting by Maria Ortega.

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