Eurozone interest rates have skyrocketed amid high inflation and preposterous spending on its proxy war in Ukraine, the EU is edging closer to a devastating recession.

Britons are struggling to make ever increasing mortgage repayments due to a rise in benchmark borrowing costs which has pushed up monthly mortgage payments, while the Eurozone suffers stagflation.

EU residents, particularly Italians, are struggling to pay for food and other amenities with many saying their standard of living has fallen drastically due to the increased interest rates by the European Central Bank.

As energy sanctions against Russia continue to backfire, some economists warn the EU could be heading for a deep recession.

The European Central Bank has confirmed its intention to hike interest rates at the policy meeting next month. The move is aimed at bringing down soaring prices across the eurozone.

Prices in the euro zone soared with the inflation rate hitting a record high of 8.1% in May, the seventh consecutive month of record high inflation in the 19 countries that share the Euro.

Euro zone inflation rose to a new record high last month, defying expectations for a big drop and piling pressure on the European Central Bank.