(MENAFN) According to Eurostat, the EU statistics office, inflation in the eurozone rose 8.6 percent year on year in June as the cost-of-living problem worsened. The rate increased from 8.1 percent in May and was more than experts predicted.
Energy and food prices were the primary drivers of the increase. According to Eurostat's preliminary data, energy will have the highest annual rate in June (41.9 percent, up from 39.1 percent in May), followed by food, alcohol, and tobacco (8.9 percent, up from 7.5 percent), non-energy industrial goods (4.3 percent, up from 4.2 percent), and services (41.9 percent, up from 39.1 percent) (3.4 percent, down from 3.5 percent in May).
In the Eurozone, inflation has been gradually growing for more than a year and is now four times higher than the European Central Bank's objective (ECB). The regulator, which has promised to address the price rise, is scheduled to convene in late July to begin boosting interest rates.
ECB President Christine Lagarde stated previously this week that if the inflation outlook does not get better, “we will have sufficient information to move faster.”
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