Eurozone inflation 8.6% in June… hit an all-time high

In the eurozone, where 19 countries that use the euro in common, consumer prices rose 8.6% last month compared to a year ago. 

This is the highest level since statistics began to be compiled in 1997, according to Eurostat, the EU statistical body. 

Inflation in the Eurozone recorded 7.4% in April and 8.1% in May, setting new all-time highs in a row.

This is due to the record-breaking increase in international energy prices since Russia's invasion of Ukraine. 

The European Central Bank announced at the Monetary Policy Board meeting on the 21st that it would raise the benchmark interest rate by 0.25 percentage points for the first time in 11 years.