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Biden’s Oil-Relief Plan Seen Backfiring as Drillers Dig In Heels

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Reuters

Euro zone inflation hits another record, raising pressure on ECB

FRANKFURT (Reuters) -Euro zone inflation surged to 7.5% in March, hitting another record high with months still left before it is set to peak, raising pressure on the European Central Bank to rein in runaway prices even as growth slows sharply. Consumer price growth in the 19 countries sharing the euro accelerated from 5.9% in February, Eurostat said on Friday, far beyond expectations 6.6%, as war in Ukraine and sanctions on Russia pushed fuel and natural gas prices to record highs. Although energy was the chief culprit, inflation in food prices, services and durable goods all came in above the ECB’s 2% target, further proof that price growth is increasingly broad and not merely a reflection of expensive oil.

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