The initial figures released by the Statistical Agency of the European Union dubbed “Eurostat” indicate that the core inflation rate in Eurozone accelerated and has reached the highest rate of 5.7 percent.
The core inflation rate in more than 20 countries located in Eurozone increased 6.9 percent in March 2023 as compared to the same period of last year.
Russia’s launch of military operations against Ukraine is the main reason behind the skyrocketing inflation rate in Eurozone which sent the energy prices to an increasing trend, CNN reported.
Accordingly, the prices of foodstuff, carbonated soft drinks, tobacco registered a 15.4 percent hike in March 2023 as compared to the last year’s corresponding period, showing an all-time record high in the zone.
The bankers at the European Central Bank (ECB) are much more concerned about the skyrocketing inflation rate in the Eurozone who have been increasing the borrowing costs tremendously.