Daniel Roland | Afp | Getty Images The cost of living hit another record high in the eurozone last month, raising further questions about how the European Central Bank can stabilize so rapidly rising consumer prices. Core inflation stood at 7.5% year-on-year in March, according to preliminary data from Eurostat released on Friday. The numbers come at a time when Russia’s invasion of Ukraine has brought renewed economic uncertainty, with some economists wondering if the eurozone will enter a recession in 2022 – something European officials have so far refused to say. Italian Prime Minister Mario Draghi, for example, said last week that there would be financial damage from the invasion of Ukraine, but no recession. The eurozone has taken unprecedented steps to punish Russia for its decision to invade Ukraine – such as blocking the sale of luxury goods – and these sanctions are having an impact on the eurozone economy itself. In addition, there are other side effects of the war, most notably the higher energy prices – which are raising inflation across the bloc. This is breaking news and will be updated shortly.
