Eurozone inflation soared to 7.5% in March, reaching another record-high, months before reaching its peak.
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The inflation figures come after Russia’s invasion of Ukraine has brought fresh economic uncertainty, with policymakers worried about whether the euro area will plunge into a recession in 2022.
Consumer price growth in the 19 countries using the euro rose from 5.9%% in February. The surge was far beyond estimates of 6.6%.
Inflation, excluding volatile food and fuel items, rose to 3.2% from 2.9%, while a narrower index excluding alcohol and tobacco items rose to 3% from 2.7%.
The current situation leaves the ECB with a difficult policy concern, with a target of getting inflation to 2%.