Inflation in countries using the euro set another eye-watering record, pushed higher by a huge increase in energy costs fueled partly by Russia’s war in Ukraine
, Bank of England and other central banks worldwide to approve a series of interest rate hikes to combat inflation.
The ECB is planning its first interest rate hike in 11 years this month, followed by another increase in September. Bank Presidentsaid this week that she wants to move gradually to tackle soaring consumer prices, to avoid stifling the economic recovery, but is leaving the door open for bigger rate hikes in case inflation surges more than expected.
So-called core inflation was more stable after excluding the volatile energy and food categories. Price increases for goods like clothing, appliances, cars, computers and books held fairly steady at 4.3%, as did prices for services at 3.4%.
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