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Eurozone inflation hit a record 8.1% in May amid rising energy and food prices fueled in part by Russia's war in Ukraine, AP NEWS reported..
Annual inflation in the 19 eurozone countries topped the previous record of 7.4% hit in March and April, according to the latest data released on Tuesday by Eurostat..
Eurozone inflation is now at its highest level since the introduction of the euro in 1997.
Rising prices put pressure on household finances and force officials to take urgent action to prevent a further rise in the cost of living.
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Energy prices jumped 39.
2%, highlighting how war and the accompanying global energy crisis are making life more expensive for 343 million eurozone residents.
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Brent oil, which is an international standard, has risen in price to $120 per barrel after the adoption of anti-Russian sanctions.
So aimed at punishing Moscow for its war with Ukraine, the deal is a double-edged sword that could also increase pain for people and businesses already struggling to cope with rising energy prices..
Gotta endure.