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Inflation in the eurozone rose 0.4 percent in April, an increase of 3.4 percent from April 2007, EU statistics office Eurostat announced May 14.

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Because of soaring inflation in many eurozone member countries, the European Central Bank has declined to cut interest rates. Should Europe’s growth slow further, however, the bank will have few tools to jump-start it.

According to Eurostat, the cost of energy was up 12 percent from 2007, while food prices rose 5.2 percent. Luckily for it, the European Union is a net exporter of food. Unluckily for it, it is also a net importer of energy — mainly from Russia.

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