Eurozone April Consumer Prices Expected to Rise 7.5%... Record High

Customers are shopping at a supermarket in Rome, Italy. [Photo by Yonhap News]

[Asia Economy Reporter Lee Chun-hee] Eurostat, the statistical office of the European Union (EU), announced on the 29th (local time) that consumer prices in the Eurozone, consisting of 19 member countries using the euro, are expected to rise by 7.5% (preliminary figure) compared to the same month last year. This is the highest level since related statistics began to be compiled in 1997.

Accordingly, the inflation rate in the Eurozone has continued its upward trend, setting new records for six consecutive months since November last year. Last month's inflation rate was 7.4%.

The major cause of the price increase is analyzed to be the record rise in energy prices in Europe, following the large-scale sanctions imposed by Western countries on Russia after its invasion of Ukraine. By major components, the energy price inflation rate this month is expected to reach a record high of 38% compared to the same month last year. Additionally, food, alcoholic beverages, and tobacco are expected to rise by 6.4%, non-energy industrial goods by 3.8%, and services by 3.3%, all exceeding the European Central Bank (ECB)'s inflation target of 2%.

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