Eurozone inflation hits new high, prompting ECB to hike interest rate more forcefully

The euro zone’s annual inflation rate accelerated to a new record high in June, increasing pressure on policymakers at the European Central Bank to act more aggressively after they started raising rates of leading interest later this month.

The European Union’s statistics agency said on Friday that consumer prices were 8.6% higher than a year earlier, a recovery from the 8.1% inflation rate recorded in May and the highest since records began in early 1997.