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The European price jump demonstrates some of the same factors that drove annual inflation in the US to 8.5 percent in March.
Digital Desk: According to data released on Friday, inflation in the eurozone's 19 member countries reached a new high in April, as skyrocketing fuel prices fueled by the Ukraine conflict weigh on the region's economic recovery from the coronavirus pandemic.
According to Eurostat on Friday, annual inflation for the month reached 7.5%, breaking the previous record of 7.4% set in March, according to Eurostat. The figure for April was the eurozone's sixth consecutive record.
As per the report by Eurostat, energy prices have risen 38%, indicating how Russia's invasion of Ukraine is affecting the eurozone's 343 million people.
The rise in European prices reflects some of the same factors that drove US annual inflation to 8.5 percent in March, the highest level since 1981.
Fears that the war will disrupt oil and gas supplies from Russia, the world's largest oil exporter, have pushed up oil and natural gas prices.
The uncertainty comes on top of recovering global demand from the pandemic and the oil cartel OPEC and its allies, including Russia, taking a cautious approach to increasing production.
Supply shortages of raw materials and parts have also contributed to higher prices.
High inflation is having an impact on both governments and households.
Germany is removing a charge for renewable energy support from electric bills, saving a family of four around 300 euros (USD 317) per year.
In wage negotiations, Germany's IG Metall industrial union is proposing an 8.2 percent annual increase for the country's steelworkers.
Concerns about even higher heating, electricity, and auto fuel prices are one factor preventing European governments from deciding to halt Russian energy imports as part of sanctions imposed in response to the Kremlin's invasion of Ukraine.
"The war in Ukraine is a significant setback to the eurozone's economic recovery," said Tej Parikh, director of Fitch Ratings' economics team.
Inflation is also putting undue pressure on the European Central Bank, which is considering raising interest rates from record lows in the coming months.
Higher interest rates to combat inflation may also weigh on the recovery, which has been hampered by the energy crisis, the war, and the latest outbreaks of COVID-19.
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