Eurozone inflation at record high

InflatIon in the eurozone has hit a record high as a cost of living crisis sweeps economies around the world.

official figures showed it rose from 4.9pc in november to 5pc in December.

that was the highest level since records began in 1997, two years before the euro, which has 19 members, was launched.

the cost of living was driven higher by a 26pc rise in energy prices. food was also more expensive. Inflation has risen sharply in countries around the world as the global economy bounces back from the pandemic. It hit a 29-year high of 6pc in Germany in november before falling back to 5.7pc last month. It is at a 32-year high of 6.7pc in Spain and a 13-year high of 3.4pc in france.

In the UK, inflation is running at a decade high of 5.1pc and could hit 7pc this spring, according to analysts. In the US, inflation is 6.8pc, the highest since 1982.

the rising cost of living is piling pressure on family finances with surging energy bills, in particular, leaving millions struggling.