Inflation in eurozone soars to record 7.5%

The spiking price of energy has been a major factor contributing to record inflation. Eurostat said energy costs rose 44.7% last month. Picture: Niall Carson/PA

Inflation in the eurozone has soared to another record in a fresh sign that rising energy prices fuelled by Russia’s war in Ukraine are squeezing consumers and adding pressure on the central bank to raise interest rates.

Consumer prices in the 19 countries that use the euro rose by an annual rate of 7.5% in March, according to the European Union statistics agency Eurostat.

The latest reading smashed the high set last month, when it hit a revised 5.9%.

The European Central Bank in Frankfurt (Alamy/PA)

Inflation in the eurozone has been setting records for months and is at its highest level since records for the euro began in 1997.

The spiking price of energy has been a major factor contributing to record inflation. Eurostat said energy costs rose 44.7% last month.

Food, alcohol and tobacco costs rose 5%, prices for goods like clothing, appliances, cars, computers and books rose 3.4%, and service prices rose 2.7%.