Eurozone's inflation jumps 2.6%, jet fuel shortages loom amid Iran war
Inflation has been soaring globally amid an energy supply crunch caused by the blockade of the Strait of Hormuz.
Eurozone inflation rose to 2.6% in March amid an oil and gas supply shock from the Iran war, while the head of the International Energy Agency warned Thursday that Europe had only around six weeks of jet fuel stocks left, as it contends with the effective closure of the Strait of Hormuz by Iran amid a US blockade of Iranian ports.
What happened: Eurozone inflation rose from 1.9% year on year in February to 2.6% in March, caused by the energy shock stemming from the US-Israel-Iran war that began Feb. 28, according to data from Eurostat released Thursday.
Across the European Union, the Consumer Price Index rose to 2.8%, up from 2.1% in February, the data showed.
According to Eurostat, energy prices showed a year-on-year increase of 5.1%, compared to a 3.1% decrease in February. Fresh food prices climbed by 4.2%, down 0.4 percentage points from the previous month.
