Eurozone inflation spikes to record 4.0 pct on soaring oil prices

BRUSSELS (AFP) — Inflation in the 15 eurozone countries shot up to a record 4.0 percent in June on the back of soaring oil prices, official figures showed Monday, bolstering expectations the European Central Bank will hike interest rates later this week.

The June 12-month inflation figure, up from 3.7 percent in May, was the highest since the launch of the euro in 1999 and topped analyst forecasts for 3.9 percent, as polled by Dow Jones Newswires.

Red-hot oil prices, which saw a barrel of crude rise to over 143 dollars Monday, have been driving overall inflation to new records, pinching the purchasing power of consumers also hit by increasing food costs.

Record inflation, which has triggered protests by fishermen and truckers recently, adds to consumer and businesses' pain just as they are struggling to cope with flagging economic activity.

Hundreds of truckers staged new ...