The sharp rise in the cost of fuel has resulted in higher prices for a range of other commodities in the US and Europe. According to Eurostat estimates, the overall annual inflation rate in Eurozone countries reached 5.8% for the first time in history. In the United States this rate accelerated to 7.9% – the highest level in 40 years. This is stated in the materials of the U.S. Department of Labor.
Price growth in Europe broke a record, reaching an annual rate of 7.5 percent in March, preliminary estimates from the European Union’s statistics office showed. The previous month’s inflation at annual rate reached 5.9 per cent. Energy (44.7 per cent) and food, alcohol and tobacco (5 per cent) were the main contributors to the price increase.
Among the Eurozone countries, the highest inflation rates were registered in Lithuania (15.6 %), Estonia (14.8 %), the Netherlands (nearly 12 %), Latvia (nearly 11 %) and Spain (9.8 %). Inflation is also rising in the UK: it is expected to reach 8% in the coming months. In Russia, according to the consensus forecast of the analysts surveyed by the Central Bank, the consumer price index is expected to rise by 20% by the end of the year.
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