Inflation in 19 nations using euro sets record for 4th month

By KELVIN CHAN
AP Business Writer

LONDON (AP) — Inflation in Europe hit a record high for the fourth month in a row. The European Union statistics agency reported Wednesday that consumer prices in the 19 countries that use the euro currency increased by an annual 5.8% in February. The latest numbers show continuing pain for the continent’s consumers and piles more pressure on the European Central Bank as it grapples with when to raise interest rates as Russia’s invasion of Ukraine rattles the global economy. The latest inflation reading is the highest level since recordkeeping for the euro started in 1997. Inflation has been fueled by surging energy prices.