Euro zone's inflation at record 8.9% in July, highest since 1997

Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices driven partly by Russia’s war in Ukraine, but the economy still managed some meager growth.

Annual inflation in the eurozone’s 19 countries rose to 8.9 per cent in July, an increase from 8.6 per cent in June, according to the latest numbers published Friday by the European Union statistics agency. 

Inflation has been running at its highest level since 1997. Energy prices surged by 39.7 per cent, slightly lower than the previous month, while prices for food, alcohol and tobacco rose by 9.8 per cent, faster than the increase posted last month.