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EUROPEAN INFLATION SOARS

Eurozone inflation rose to another record high in May. Annualised consumer price inflation across 19 EU countries sharing the euro currency climbed to 8.1% in May from 7.4% in April, beating a European Central Bank forecast of 7.7%.

Analysts noted that price growth had continued to broaden, indicating it isn’t just energy pulling up the headline figure. They also saw the data as a challenge to the Frankfurt-based ECB’s view that gradual interest rate increases from July will be enough to tame inflationary pressures.

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