Euro-Zone inflation hits record high

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The Euro zone hit a new inflation record for the month of May, placing pressure on the European Central Bank and ECB President Christine Lagarde on speeding up the process to raise interest rates in order to combat the soaring levels.

The Euro which is supported by 19 countries watched inflation levels increase to 8.1% in May from 7.4% in April. The increase also surpassed forecast expectations of 7.7%.

The rise in inflation levels contests the ECBs plan to gradually increase interest rates starting in July. President Lagarde and Chief economist Philip Lane have previously identified 25 basis point increases in July and September but some investors question if its enough.

The ECB will next meet on June 9.

European ETFs that can experience price shifts along with their year-to-date price action:

European ETFs: iShares MSCI Eurozone ETF (EZU) -15%, iShares Core MSCI Europe ETF (IEUR) -12.7%, iShares Europe ETF (IEV) -11.5%, iShares MSCI Germany ETF (NYSEARCA:EWG) -17.5%, iShares MSCI Italy ETF (NYSEARCA:EWI) -13.1%, iShares MSCI France ETF (NYSEARCA:EWQ) -11.9%, iShares MSCI Spain ETF (NYSEARCA:EWP) -0.1%, and iShares MSCI Austria ETF (EWO)-15.5%.

In related European news, EU leaders have reached an agreement to ban 90% of Russian crude by the end of the year as part of a sixth sanctions package the bloc is putting together against Moscow.