LONDON (AP) 鈥� Inflation in the European countries using the euro currency hit another record in August, fueled by soaring energy prices mainly driven by Russia鈥檚 war in Ukraine.
Annual inflation in the eurozone鈥檚 19 countries rose to 9.1%, up from 8.9% in July, according to the latest figures released Wednesday by the European Union statistics agency Eurostat.
Inflation is at the highest levels since record-keeping for the euro began in 1997. The latest figures add pressure on European Central Bank officials to , which can tame inflation, but also stifle economic growth.
Prices are rising in many other countries as Russia鈥檚 war in Ukraine grinds on, triggering unprecedented increases for energy and food that are Disruptions to global manufacturing supply chains caused by the coronavirus pandemic have also played a role in pushing up prices. This summer has seen a by workers pushing for higher wages and people fed up with the high cost of living.
, , which have their own currencies, is also surging, according to official data released earlier this month. U.K. residents face an 80% jump in annual household energy bills, regulators warned last week.
, adding Prices were up 8.5% in July compared with a year earlier, thought that was lower than 9.1% in June.
In the euro zone, energy prices surged 38.3%, though the rate was slightly lower than the previous month, while food prices rose at a faster pace of 10.6%, according to Eurostat's preliminary estimate. The agency's final report, released about two weeks later, is usually unchanged.
鈥淪pecific European problems continue to push inflation higher," ING Bank senior economist Bert Colijn wrote in an analyst note. 鈥淭he gas supply crisis and droughts are adding to persisting supply-side pressures on inflation at the moment."
Russia, a major energy producer, has been reducing the flow of gas to European countries that have sided with Ukraine in the war, a move that's wreaked havoc with prices.
At the same time, nearly half of Europe has been afflicted by an that's hurting farm economies, crimping production of staple crops like corn, and driving up food prices.
Price rises for manufactured goods like clothing, appliances, cars, computers and books accelerated to 5%, and the cost of services rose 3.8%.
The euro's weakness is another factor keeping prices high. The currency has , which can make imported goods more costly, particularly oil, which is priced in dollars.
Kelvin Chan, The Associated Press
