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Ireland's inflation rate hits record high

HICP inflation in Ireland for May was 8.2%, up from 7.3% in April, according to flash estimates from Eurostat.

Consumer price inflation across the eurozone averaged 8.1%, up from 7.4%, according to European Union statistics agency Eurostat.

Inflation in the eurozone is now at its highest level since record keeping for the euro began in 1997.

The latest data adds pressure on European Central Bank policymakers to raise interest rates from ultralow levels to rein in the rising prices.

Ireland's inflation
Eurozone
Soaring energy prices are making life more expensive for the eurozone's 343 million people.

On an annual basis, food prices have increased by 7.5%, Eurostat said, another sign of how the war is pushing up prices around the world because Russia and Ukraine are major global food suppliers.

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The main inflation driver is increased energy costs, up 39% yea-on-year. Excluding energy, annual eurozone HICP inflation was an estimated 4.6% in May.

+Additional reporting AP

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