Eurozone inflation spikes to record 4.0 percent

BRUSSELS - Inflation in the 15 euro countries shot up to a record 4.0 percent in June over 12 months amid soaring oil prices, according to a first estimate from the EU's Eurostat data agency on Monday.

By (AFP)

Published: Mon 30 Jun 2008, 5:11 PM

Last updated: Sun 5 Apr 2015, 1:14 PM

The rate, up from 3.7 percent in May, was the highest since the launch of the euro back in 1999 and slightly exceeded analysts' forecasts for 3.9 percent, as polled by Dow Jones Newswires.

Red-hot oil prices, which saw the price of a barrel of crude rise to over 1.42 dollars last week, have been driving overall inflation to new records, pinching the purchasing power of consumers also struggling with high food prices.

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