Meanwhile lets look at the latest devolopment and impact of Inflation in the european countries.
In the eurozone, inflation rose to 8.1 percent in May, up from 7.4 percent in April, due to rising energy and food prices fueled in part by Russia's war in Ukraine. Energy prices had the highest annual inflation rate, at 39.2 percent, compared to 37.5 percent in April. On the basis of April's inflation figures, this was followed by food, alcohol, and tobacco (7.5%), industrial goods (4.2%), and services (3.5%). Prices are rising across the continent, and Europe's expected economic recovery from the coronavirus pandemic is being hampered by a number of factors.
According to Eurostat, the European Union's statistics agency, annual inflation in the 19 countries that use the euro currency surpassed the previous record of 7.4 percent set in March and April. Inflation in the eurozone has reached its highest level since the euro's inception in 1997.
Inflation in the EU as a whole is expected to reach 6.8 percent this year, as Russia's war on Ukraine - and the breakdown of economic relations between Moscow and the rest of Europe - continues to wreak havoc on economies.
Following in the footsteps of some of its counterparts around the world, the European Central Bank (ECB) has announced plans to raise interest rates in July.
This is intended to relieve price pressures, and the ECB is also expected to end its bond-buying stimulus policies as soon as next week.
According to the bank's chief economist, Philip Lane, interest rates in the eurozone may rise by 0.25 percent in July and again in September.