Eurozone inflation hits record 3.7pc in May

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BRUSSELS, June 17 (AFP): Inflation in the 15-nation Eurozone hit a record 3.7 per cent in May, pushed by soaring oil and food prices to the highest level since the single European currency was launched in 1999, official figures showed yesterday.

The rate, revised up from a first estimate of 3.6 per cent, marked a sharp pick-up in 12-month inflation from April, when consumer prices in the Eurozone rose 3.3 per cent.

"It's going up. It's not a good figure. Inflation is our main concern (as) regards the economy at the moment," said Amelia Torres, the European Commission's spokeswoman on economic and monetary affairs.