Economy

Euro zone inflation hits record high of 8.1%

The European Central Bank is under pressure to lift interest rates more aggressively this summer

With rate hikes in full swing in the US and the UK, the ECB is preparing to lift borrowing costs for the first time in more than a decade to combat the 19-member currency bloc’s unprecedented price spike. Picture: Dursun Aydemir/Anadolu

Prices in Ireland rose to a high of 8.2 per cent in May, according to the latest figures from Eurostat.

The EU’s latest flash estimate shows that prices rose to 7.3 per cent in April before climbing even higher this month with inflation across the euro zone rising to yet another record high of 8.1 per cent in May.

It comes as pressure mounts on the European Central Bank to lift interest rates more aggressively ...