Inflation hits new record in euro zone

STORY: The pain keeps getting worse for European shoppers.

Inflation in the euro zone hit a fresh record high in April.

It inched up to 7.5%, and the number makes uncomfortable reading for policymakers at the European Central Bank.

They’re worried that prices and wages could start spiralling higher.

That could make inflation hard to escape.

Energy costs were the biggest contributor to the latest increase.

But price rises are picking up speed for food and services too.

The ECB now looks all-but certain to trim support for the economy at its next meeting in June.

It will first end bond buying.

The bank is then expected to make a first rate hike some time in the third quarter.

A second could come before the end of the year.

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