Food and energy prices push euro area inflation higher than in the US

Above-target inflation justifies 'increases in central bank policy rates', Central Bank says

Headline inflation relates to everyday basket goods and services that consumers spend money on. 

The Central Bank says inflation is higher in EU than in US because of continent’s dependence on Russian gas.

Headline inflation is higher in the euro area than in the US due to ongoing and substantial food, energy and commodity price shocks as a result of the war in Ukraine, new analysis from the Central Bank showed.