Iran Press/ Europe: Oil and gas prices had already been rising because of increasing demand from economies recovering from the depths of the COVID-19 pandemic. They jumped higher after Russia, a major oil and gas producer, launched a military operation against Ukraine, on fears that sanctions and export restrictions could crimp supplies.
Germany, Europe's largest economy, has experienced the highest inflation rate in 30 years in recent weeks.
Inflation in Europe soared to another record, according to new EU figures released Friday, in a fresh sign that rising energy prices fueled by Russia’s operation in Ukraine are squeezing consumers and adding pressure on the central bank to raise interest rates.
Consumer prices in the 19 countries that use the euro currency rose by an annual rate of 7.5% in March, according to the European Union statistics agency, Eurostat.
The latest reading smashed the high set just last month, when it hit 5.9%. It's the fifth straight month that inflation in the eurozone has set a record, bringing it to the highest level since recordkeeping for the euro began in 1997. 219
