Christine Lagarde, President of the European Central Bank.
Daniel Roland | Afp | beautiful pictures
The cost of living hit another record high in the eurozone last month, raising further questions about how European Central Bank could stabilize such rapidly rising consumer prices.
According to preliminary data from the European statistics office Eurostat released on Friday, inflation stood at 7.5% in March annually.
The numbers come at the time Russia Invades Ukraine has brought fresh economic uncertainty, with some economists wondering if the eurozone will slide into recession by 2022 – something European officials have so far refused to say.
Prime Minister of Italy Mario DraghiFor example, last week it was said that there would be economic damage from the invasion of Ukraine, but not a recession.
The eurozone has taken unprecedented measures to punish Russia for its decision to invade Ukraine – such as blocking the sale of luxury goods – and these sanctions are having an impact on politics. euro area economy.
There are also other side effects from the war, most notably higher energy prices, which are driving up inflation across the bloc.
This is a breaking news story and will be updated shortly.