Inflation Hits Record High In Eurozone Amid Skyrocketing Energy And Food Costs

Costs of living keep getting higher after soaring energy and food costs powered a Eurozone inflation to a record high.

Recent numbers published by the European Union statistics agency, Eurostat, have shown that the inflation rate in the Euro area reached 8.1% in May. 0.7% more than that seen in April. The highest level recorded since recordkeeping began in 1997.

Looking at the main components of euro area inflation, energy is expected to have the highest annual rate followed by food, alcohol, and tobacco. 

Malta’s inflation rate rose from 5.4% to 5.6% in May, remaining the lowest of 19 countries in the Eurozone.

The trends of rising energy and food costs have been, in no small part, spurred as a consequence of the Russo-Ukrainian war.

Leaders of the European Union have made the decision to stop the majority of Russian oil sales,  making up two-thirds of imports.

Following a summit, EU leaders have agreed to deal the sixth package of sanctions against Russia, which will now allow a ban on oil imports from Russia.

The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported into Europe will be banned.

Rising costs have added surmounting pressure on people’s lives, with many left wondering how they are to keep up.

What do you make of the numbers?