Your trusted source

Inflation in the euro zone has hit a record high for the sixth consecutive month, sparking further questions over how the European Central Bank will react, CNBC reports.

Headline inflation in the 19-member region reached 7.5% in April, according to preliminary estimates by Europe’s statistics office. In March, the figure came in at 7.4%.

European Central Bank Vice President Luis de Guindos tried to reassure lawmakers over rising prices on Thursday, saying the euro zone is close to reaching peak inflation. The central bank sees price pressures diminishing in the second half of this year, although energy costs are expected to keep inflation relatively high.

Rising energy prices contributed the most to April’s inflation rate, though they were slightly lower than the previous month. Energy prices were up 38% in April on an annual basis, compared to a 44.4% rise in March.

Earlier this week, Russia’s energy firm Gazprom halted gas flows to two EU nations for not paying for the commodity in rubles. The move sparked fears that other countries may also be cut off.

Separate data also released Friday pointed to a GDP (gross domestic product) rate of 0.2% for the euro area in the first quarter.