Inflation in 19 nations using euro soars to record 7.5%

Inflation in Europe has soared to another record

LONDON -- Inflation in Europe soared to another record, in a fresh sign that rising energy prices fueled 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 currency 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 just last month, when it hit a revised 5.9%.

It's the fifth straight month that inflation in the eurozone has set a record, bringing it to the highest level since recordkeeping for the euro began in 1997.