Eurozone inflation hit a fresh peak of 8.1% in May, underlining the growing cost of Russia’s invasion of Ukraine and of the sanctions Europe has imposed in response
European Union leaders took a big step in the economic fight against Moscow over its invasion of Ukraine by agreeing to block 90% of Russian oil imports by year-end. The embargo faced opposition from countries highly dependent on Russian crude, especially Hungary.
Photo: Olivier Matthys/Associated PressInflation in the eurozone reached an annual 8.1% in May, underlining the growing cost to households ofThe data from the European Union’s statistics agency marked a sharp acceleration from the 7.4% rate of inflation recorded in both April and March. Consumer prices rose at the fastest pace since records began at the start of 1997.
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