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Watch: What is inflation and what can be done about it?

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By Euronews
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Motorists in the Netherlands headed to the pumps after a government reduction in duties on fuel entered into force, April 1, 2022.
Motorists in the Netherlands headed to the pumps after a government reduction in duties on fuel entered into force, April 1, 2022.   -   Copyright  AP Photo/Peter Dejong

Supply chain disruptions, labour shortages, the COVID-19 pandemic and a strong rebound in demand have seen inflation soar across the world in recent months.

The Russian aggression on Ukraine is not helping either, driving global food and energy prices even higher.

In March, the annual rate of inflation in the eurozone reached a record 7.5%, according to Eurostat, while the European Central Bank now expects inflation for the year to average 5.1%.

Similar upticks have been seen elsewhere including in the UK and in the US as well as in Turkey where inflation reached over 60% year-on-year last month.

Watch the video explainer to learn more about the root causes of inflation and what can be done.