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Euro area inflation hits record 8.6% for June | See list here
Euro area inflation: Analysts have called on the European Central Bank to act quickly, and the ECB is planning its first rate hike in 11 years, the Associated Press said.
Inflation in the euro area - the 19 countries that use the currency - touched a record 8.6 per cent in June pushed by rising energy costs fueled partly by Russia's war in Ukraine, data provided by the European Union statistics agency Eurostat on Friday showed.
Inflation is at its highest level since record-keeping for the euro began in 1997.
Energy prices spiked 41.9 per cent and prices for food, alcohol and tobacco were up 8.9 per cent, both faster than increases recorded in May.
Energy demand has increased as the global economy bounces back from Covid but Russia's war on Ukraine has made things worse.
EU leaders had agreed to ban most Russian oil imports by end-2020 and that led to a price spike. It wants to punish Moscow and reduce reliance on Russian energy, but (at least till alternate sources secured) utility and fuel prices soar.
Russia last month reduced supply of natural gas - used to generate electricity - to major EU nations like Germany, Italy and Austria, after having already cut off France and others.
Euro area inflation been setting worrying monthly highs for a year now, emphasising the massive impact of Russia's war.
Analysts have called on the European Central Bank to act quickly, and the ECB is planning its first rate hike in 11 years, the Associated Press said.
Euro area data released by Eurostat (June '22 figures are estimates):
| Country | June '21 | May '22 | June '22 |
| Belgium | 2.6 | 9..9 | 10.5 |
| Germany | 2.1 | 8.7 | 8.2 |
| Estonia | 3.7 | 20.1 | 22 |
| Ireland | 1.6 | 8.3 | 9.6 |
| Greece | 0.6 | 10.5 | 12 |
| Spain | 2.5 | 8.5 | 10 |
| France | 1.9 | 5.8 | 6.5 |
| Italy | 1.3 | 7.3 | 8.5 |
| Cyprus | 2.2 | 8.8 | 9.1 |
| Lithuania | 3.5 | 18.5 | 20.5 |
| Luxembourg | 3.4 | 9.1 | 10.3 |
| Malta | 0.2 | 5.8 | 6.1 |
| Latvia | 2.7 | 16.8 | 19 |
| The Netherlands | 1.7 | 10.2 | 9.9 |
| Austria | 2,8 | 7,7 | 8.7 |
| Portugal | -0.6 | 8.1 | 9 |
| Slovenia | 1.7 | 8.7 | 10.8 |
| Slovakia | 2.5 | 11.8 | 12.5 |
| Finland | 1.9 | 7.1 | 8.1 |
Poland, which does not use the euro but is an EU member, said inflation rose to 15.6 per cent in June - the highest in 25 years and up from 13.9 per cent in May.
With input from AP
