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Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy.

The EU's Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month earlier.

Consumer prices in the eurozone have hit records since November, buffeted by sky-high energy prices, which jumped by 41.9 percent over one year, caused by the fallout of Russia's invasion of its neighbour Ukraine.

But analysts also pointed to the rise in food prices, which accelerated by 8.9 percent, showing that the inflation problem was spreading through the economy.

"Historically, we have never had such a high figure for the contribution of food. It will have a big impact," said Philippe Waechter of Ostrum Asset Management.

The European Central Bank has said it will do whatever it takes to bring inflation back to its target level, with political pressure high to bring energy and food prices into check.

"With eurozone inflation now becoming more broad-based in nature, the outlook for the Eurozone for the rest of 2022 continues to look bleak," warned Pushpin Singh, Economist at the Centre for Economics and Business Research.

"This comes amid a mounting possibility of a severe gas crisis in Europe, with Russia using gas exports as a means to counter sanctions," he added.

Rate hike

As the conflict rages on, Russia has shown an increased willingness to cut off gas supplies to Europe, a danger that has raised the prospect of energy rationing in the eurozone to get through next winter.

Some analysts took solace in the core inflation data, which excludes energy and food prices and came in at 3.7 percent, a tiny drop from the previous month.

But this would not be enough to change the course decided at the ECB's last meeting, when policymakers agreed to the bank's first interest rate hike in more than a decade.

The quarter-point raise, set to take place at its next meeting on July 21, will raise rates from their historic lows.

"We will go as far as necessary to ensure that inflation stabilises at our two percent target over the medium term," ECB head Christine Lagarde said on Tuesday.

The ECB is being pressured by some to go faster in halting inflation and choose a path more akin to the United States where the Federal Reserve has warned it may trigger a recession to cool prices.

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Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy.

Eurozone inflation accelerated to another record high in June, official data showed on Friday, as Russia's war in Ukraine drives up energy prices and hammers the European economy. The EU's Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month earlier. Consumer prices in the eurozone have hit records since November, buffeted by sky-high energy prices, which jumped by 41.9 percent over one year, caused by the fallout of Russia's invasion of its neighbour Ukraine. But analysts also pointed to the rise in food prices, which accelerated by 8.9 percent, showing that the inflation problem was spreading through the economy. "Historically, we have never had such a high figure for the contribution of food. It will have a big impact," said Philippe Waechter of Ostrum Asset Management. The European Central Bank has said it will do whatever it takes to bring inflation back to its target level, with political pressure high to bring energy and food prices into check. "With eurozone inflation now becoming more broad-based in nature, the outlook for the Eurozone for the rest of 2022 continues to look bleak," warned Pushpin Singh, Economist at the Centre for Economics and Business Research. "This comes amid a mounting possibility of a severe gas crisis in Europe, with Russia using gas exports as a means to counter sanctions," he added. Rate hike As the conflict rages on, Russia has shown an increased willingness to cut off gas supplies to Europe, a danger that has raised the prospect of energy rationing in the eurozone to get through next winter. Some analysts took solace in the core inflation data, which excludes energy and food prices and came in at 3.7 percent, a tiny drop from the previous month. But this would not be enough to change the course decided at the ECB's last meeting, when policymakers agreed to the bank's first interest rate hike in more than a decade. The quarter-point raise, set to take place at its next meeting on July 21, will raise rates from their historic lows. "We will go as far as necessary to ensure that inflation stabilises at our two percent target over the medium term," ECB head Christine Lagarde said on Tuesday. The ECB is being pressured by some to go faster in halting inflation and choose a path more akin to the United States where the Federal Reserve has warned it may trigger a recession to cool prices. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Eurozone inflation hits record, as gas crunch looms

Record inflation or price hikes across the world are showing no signs of abating. Even as crude prices have softened a bit in the last few weeks, in the latest the price growth in the Eurozone has hit a new record high of 8.6 percent last month.

Inflation in 19 EU nations hits record high

Speaking at an event in London, the EU's Chief Brexit negotiator has accused UK of effectively putting a gun on the table by introducing a bill to scrap post-Brexit trade rules between Britain and Northern Ireland.

Brexit change a gun on the table, says EU's Chief negotiator

The European Union has agreed on ground-breaking rules for regulating crypto assets, as the rout in bitcoin piles pressure on authorities to rein in the sector.

EU agrees rules to tame 'Wild West' crypto market

Officials in Venice plans to impose an entry fee to the city or for the people coming on day trips. Over the years, over-tourism has led to crowding and harmful effects on the city and its environment.

Venice authorities to charge fee for day travellers

Many Ryanair Holdings PLC flights to and from Spain were cancelled on Thursday and several hundred others delayed during a strike by the low-cost airline's cabin staff.

Flights cancelled in Spain due to Ryanair staff strike

Piles of luggage beside baggage belts in airports from Canada to Europe are driving further demand for ground handlers, and adding to summer travel chaos as airlines scramble to bring back workers lost during Covid-19.

Fresh woes for summer travel: Luggage piles join long airport lines

Barclays is giving 35,000 of its staff in Britain $1,450 annual pay rise to help to ease the impact of the cost of living crisis. It also said that the pay rise will apply to staff in customer-facing roles.

Barclays offers pay hike to 35,000 staff to ease cost-of-living burden

Facebook-owner Meta Platforms Inc has cut plans to hire engineers by at least 30 per cent this year, CEO Mark Zuckerberg announced, as he warned to brace for a deep economic downturn.

Facebook parent Meta slashes hiring plans for new engineers by 30 per cent

The Ukraine war has sent global markets into a nosedive while most economies are feeling the inflation heat, the European markets are now in a tailspin, the stock markets are about to witness their worst ever quarter in 12 years.

Europe markets on course for worst quarters

Oil prices were little changed on Thursday as markets weighed a rise in US gasoline and distillate inventories and worries about slower economic growth amid concerns of supply tightness.

Oil prices stable as market weigh fuel stocks amid supply concerns

Airbnb has permanently banned parties at listed sites after it announced a temporary ban in August 2020. The firm said that the temporary ban was effective in curbing guests throwing unauthorized parties or chronic party houses that disturb neighbors.

Airbnb permanently bans 'disruptive parties' on all listings

China's factory activity likely expanded in June for the first time in four months, driven by a faster recovery in production and an easing of supply chain snags as manufacturing hubs emerged from lockdowns.

China's June factory activity likely expanded for first time in 4 months

Executives at electric car marker Tesla, drug maker Novartis and retailer Bed Bath and Beyond are cutting spending or jobs in U.S. while others are shelving projects or deals as inflation rages and confidence in the world economy wanes.

Companies cut spending, jobs as economic outlook grows less certain

The U.S. economy contracted in the first quarter amid a record trade deficit. Gross domestic product (GDP) fell at a 1.6% annualised rate last quarter.

US economy contracts in first quarter, GDP fell at 1.6%

Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the power and energy minister said on Tuesday, ending a duopoly as it tries to overcome a shortage of petrol and diesel that is exacerbating an economic crisis.

Sri Lanka to end fuel duopoly to ease fuel shortages

Google has finally unveiled its new bay view campus for its employees this week in California. It took five years to complete the construction of the campus.

Google's new bay view campus comprises of social spaces, solar panels

The US Federal Trade Commission sued Walmart for allowing its money transfer services to be used by fraudsters, who fleeced consumers out of hundreds of millions of dollars.

U.S. FTC sues Walmart for allegedly allowing money transfer services for fraud

A company that tracks counterfeit and fraud in the chip industry said on Tuesday that severe chip shortage has resulted in record wire fraud cases last year.

Chip shortages result in record wire fraud, cases reported by desperate buyers

Nissan Motor is recalling more than 300,000 SUVs in the United States over an issue in which the hood suddenly opens, obstructing the driver’s view and increasing the risk of a crash.

Nissan recalls more than 300,000 SUVs in U.S. for sudden hood opening default

Pallonji Shapoorji Mistry, a multibillionaire industrialist and realtor who served as Chairman Emeritus of the illustrious Shapoorji Pallonji Group, passed away late last night at his residence. He was 93 years old and is survived by his daughters Laila and Aloo, the latter of whom is married to Noel Tata, Ratan Tata's half-brother. He is also survived by his sons, Shapoorji and Cyrus P. Mistry, the latter of whom gained notoriety for a significant business dispute with the Tata Group a few years ago.

In addition to other significant infrastructure projects, the Shapoorji Pallonji Group is well-known in the real estate and engineering industries for having built several iconic structures, including the RBI headquarters, SBI, HSBC, Grindlay Bank, Hongkong &amp; Shanghai Bank, and others in south Mumbai.

The group also created the legendary Hindi film "Mughal-E-Azam" (1960), which at the time was the most expensive and continues to be one of Bollywood's most well-liked productions today.

Mistry and his family are in charge of the Shapoorji Pallonji Group, which was founded more than 150 years ago and currently employs more than 50,000 people in more than 50 countries. The Oberoi Hotel in Mumbai, and the blue-and-gold Al Alam palace for the Sultan of Oman are just a few of its iconic projects.

According to the Bloomberg Billionaires Index, Mistry amassed a net worth of about $29 billion, placing him among the wealthiest men in both India and Europe. In 2003, he gave up his Indian citizenship and adopted Irish citizenship as a result of his lengthy union with Patsy Perin Dubash, a Dubliner.

Corporate feud with Tata group

To be the largest minority shareholder in Mumbai-based Tata Sons Pvt., the primary investment holding company for India's largest conglomerate, the family earned the majority of its fortune, or 18.5 percent as of early 2022.

That stake turned out to be a double-edged sword for the media-shy Mistry when his son Cyrus' abrupt removal as chairman of Tata Sons in 2016 sparked a protracted legal and boardroom struggle between two of India's most famous corporate families.

In 2021, the Supreme Court of India affirmed Tata Sons' provisions on minority shareholder rights, making it harder to sell shares without board approval. It also decided that Cyrus's removal from office was lawful. In early 2022, the stake was approximately $30 billion, making it essentially illiquid. 
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Pallonji Shapoorji Mistry, a multibillionaire industrialist and realtor who served as Chairman Emeritus of the illustrious Shapoorji Pallonji Group, passed away late last night at his residence.

Pallonji Shapoorji Mistry, a multibillionaire industrialist and realtor who served as Chairman Emeritus of the illustrious Shapoorji Pallonji Group, passed away late last night at his residence. He was 93 years old and is survived by his daughters Laila and Aloo, the latter of whom is married to Noel Tata, Ratan Tata's half-brother. He is also survived by his sons, Shapoorji and Cyrus P. Mistry, the latter of whom gained notoriety for a significant business dispute with the Tata Group a few years ago. In addition to other significant infrastructure projects, the Shapoorji Pallonji Group is well-known in the real estate and engineering industries for having built several iconic structures, including the RBI headquarters, SBI, HSBC, Grindlay Bank, Hongkong & Shanghai Bank, and others in south Mumbai. The group also created the legendary Hindi film "Mughal-E-Azam" (1960), which at the time was the most expensive and continues to be one of Bollywood's most well-liked productions today. Mistry and his family are in charge of the Shapoorji Pallonji Group, which was founded more than 150 years ago and currently employs more than 50,000 people in more than 50 countries. The Oberoi Hotel in Mumbai, and the blue-and-gold Al Alam palace for the Sultan of Oman are just a few of its iconic projects. According to the Bloomberg Billionaires Index, Mistry amassed a net worth of about $29 billion, placing him among the wealthiest men in both India and Europe. In 2003, he gave up his Indian citizenship and adopted Irish citizenship as a result of his lengthy union with Patsy Perin Dubash, a Dubliner. Corporate feud with Tata group To be the largest minority shareholder in Mumbai-based Tata Sons Pvt., the primary investment holding company for India's largest conglomerate, the family earned the majority of its fortune, or 18.5 percent as of early 2022. That stake turned out to be a double-edged sword for the media-shy Mistry when his son Cyrus' abrupt removal as chairman of Tata Sons in 2016 sparked a protracted legal and boardroom struggle between two of India's most famous corporate families. In 2021, the Supreme Court of India affirmed Tata Sons' provisions on minority shareholder rights, making it harder to sell shares without board approval. It also decided that Cyrus's removal from office was lawful. In early 2022, the stake was approximately $30 billion, making it essentially illiquid. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pallonji Mistry, chairman of Shapoorji Pallonji Group dies at 93

India is all set to join league of nations where mobile 5g services are available. Though in many areas here normal 3g and 4g services do not work properly, still users are excited about prospects and use of these new gen services.

India to roll-out 5g services by the end of year 2022

India will introduce a safety rating system for cars. The government said that it will assign a rating of one to five stars for cars, based on tests assessing adult and child occupant protection as well as safety assist technologies.

India plans safety rating system for cars

Ryanair said less than 2% of its flights were affected by cabin crew strikes. Unions want improvement in working conditions and crew in Spain set to strike again on June 30th.

Ryanair: 2% of flights affected by strike, unions want improvement in working conditions

As the inflation woes in Europe grow, Lufthansa airlines has canceled 3000 flights due to a shortage of staff. The company is planning to cancel thousands of flights this summer as workers continue to strike.

Commuters across Europe face travel disruptions as union workers demand pay hike

Some of the leaders of the G7 rich democracies are pushing for an acknowledgement of the need for new financing for fossil energies investments as European states scramble to diversify supplies.

Global Energy Crisis: G7 leaders debate fossil fuel investment