Inflation in the eurozone has a climbed to a record level amid higher food and fuel costs, official figures show.

The annual rate of inflation in the 15 state zone hit 3.7% in May, according to the Eurostat statistical office.

The figure is the highest since 1996, when Eurostat started using the current methodology for calculating inflation.

There are concerns that price growth will keep accelerating, and the European Central Bank warned it will raise interest rates to slow inflation.

The rate of inflation was EU to open anti-dumping probe into US biodiesel ...
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Scientists say they're missing out on Slovakia's economic boom ... up from 3.3% in April, and compares with a 1.9% figure in May 2007.

Eurostat said that the main driver of inflation last month was an increase in food prices, which were up 6.4%, and transport costs, which were 5.9% higher.

Monday's figures are for the 15 nations that use the euro.

Across the European Union as a whole, the rate of inflation climbed to 3.9% in May.

(BBC)

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