Inflation In 19 Eurozone Countries Soars To 8.6%

In June, inflation in the 19 nations that use the euro currency reached a new high of 8.6 percent, spurred in part by Russia's conflict in Ukraine. Food prices have also increased, according to the Associated Press (AP).

Photo Insert: Eurozone inflation has reached its highest level since the euro was introduced in 1997.

According to the most recent figures released Friday by the European Union statistics agency, Eurostat, annual inflation in the eurozone surpassed the 8.1 percent reported in May. Inflation has reached its highest level since the euro was introduced in 1997.

Energy costs increased 41.9 percent, while food, drink, and tobacco prices increased 8.9 percent, both faster than the previous month. Costs for products such as apparel, appliances, cars, computers, and books remained relatively stable at 4.3 percent, while prices for services increased by 3.4 percent.

Since last year, inflation has been setting monthly records, highlighting how the war's influence on global energy supply is making living more expensive for the eurozone's 343 million inhabitants.

To battle rising consumer prices, the European Central Bank will raise interest rates for the first time in 11 years this month, followed by another increase in September.

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