Eurozone inflation surged to an all-time high of 7.5% in March 2022, driven by rising energy and food prices due to the Russian invasion in Ukraine

Eurozone inflation soared from 5.9% in February 2022 to an all-time high of 7.5% in March 2022, according to Eurostat. The sharp acceleration in prices was driven primarily by rising energy and food prices due to the war started by Russia in Ukraine. Energy prices accelerated to 45% from 32% in February 2022.

Inflation was especially acute, hitting double digits, in four eurozone member states, with Lithuania leading the pack at 15.6%. Among the largest member states, inflation in German was up to 7.6%, in France at 5.1%, Italy at 7.0%, and Spain at 9.8%.

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