The inflation rate in the European Monetary Union has continued to rise from an already high level: In June, consumer prices increased across the board by 8.6 percent compared to the previous year, which the European statistical office Eurostat announced on Friday.

The value was even higher than experts had previously expected.

Euro inflation was already 8.1 percent in May and 7.4 percent in April.

The main reason for this continues to be the significant increase in energy prices.

They ensure that euro inflation has been noticeably higher than last year's level for months.

According to Eurostat, energy prices climbed 41.9 percent year-on-year in June, after a price surge of 39.1 percent in May.

Unprocessed food prices rose 11.1 percent in June and services rose 3.4 percent.

According to the statisticians, the so-called core rate of inflation, from which the volatile prices for energy and unprocessed food are calculated, was 4.6 percent in June;

in May the core rate was 4.4 percent.

At the same time, the rate of inflation is now far above the target value that the European Central Bank is aiming for in the medium term.

However, the monetary watchdogs left the key interest rates at a record low level for a long time.

They recently announced an initial increase for their July meeting, with more to follow.

They have also scaled back bond purchases.

"Inflation in the euro area has reached a new high of 8.6 percent," commented Commerzbank chief economist Jörg Krämer.

"That would also apply to the inflation rate excluding energy, food and luxury goods if Germany hadn't introduced the 9-euro ticket and made train journeys significantly cheaper." The monetary union has a massive inflation problem that requires decisive action by the ECB.

"She should pull herself together and raise interest rates at the next meeting in July not just by a quarter of a percentage point as announced, but by half a percentage point."

The prices rise quite differently in the monetary union.

While they increased between 8 and 10 percent in countries like Germany, Italy or Spain, daily life in the Baltic states of Latvia, Estonia and Lithuania increased by around 20 percent.

According to experts, how the price development will continue depends largely on how much gas Russia supplies to Europe in the rest of the year.

Europe's economies are facing a new "shock," says Deutsche Bank in a new analysis.

If the gas throttling is not resolved in the coming weeks, there are fears that the disruptions in energy supply will spread - with significant immediate effects on economic growth and, the bank emphasizes, "much higher inflation".