LONDON – Surging energy costs have driven inflation in Europe to another record high, raising questions about when the central bank should step in to ease the pain to people's wallets while Russia's invasion of Ukraine rattles the global economy.

Consumer prices in the 19 countries that use the euro currency increased by an annual rate of 5.8% in February, the European Union statistics agency, Eurostat, reported Wednesday.

The inflation reading smashed the record of 5.1% set last month — the fourth straight month it has hit an all-time peak — to reach the highest level since recordkeeping for the euro started in 1997. In comparison, U.S. consumer prices rose 7.5% from a year earlier, the biggest jump in four decades.