Inflation in 19 nations using euro sets record of 5.8%

Inflation in Europe, as in other major economies, has been fuelled by surging energy prices, and the problem will be complicated by Russia’s invasion of Ukraine

Russia, a major oil and gas producer, has been hit with sanctions and export restrictions that have raised worries that supplies could be cut off, though that hasn’t yet materialised. Picture: PA

Inflation in Europe hit a record high for the fourth month in a row, raising questions about when the central bank should step in to ease the pain to people’s wallets while Russia’s invasion of Ukraine rattles the global economy.

Consumer prices in the 19 countries that use the euro currency increased by an annual 5.8% in February, the European Union statistics agency Eurostat reported on Wednesday.