European inflation soars to record 7.5% on fuel, food costs

By KELVIN CHAN
AP Business Writer

LONDON (AP) — Inflation in Europe has soared to another record. It’s 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. Official EU figures released Friday show consumer prices in the 19 countries that use the euro currency rose by an annual rate of 7.5% in March. The latest reading smashed the record set just last month, when it hit a revised 5.9%. Inflation in the eurozone has been setting records since December and is at its highest level since recordkeeping for the euro began in 1997. The spiking price of energy has been the main factor.