(BRUSSELS) - Inflation in the 15 countries sharing the euro hit a record 4.0 percent in June, the European Union's Eurostat data agency said on Wednesday, confirming a first estimate.

Driven by record oil prices, eurozone inflation spiked in June to the highest rate since the launch of the euro in 1999 after registering a rate of 3.7 percent in May.

Oil prices hit records over 1.40 dollars a barrel in June, pinching the purchasing power of consumers already struggling to cope with soaring food prices.

Record inflation, which has triggered protests by fishermen and truckers in June, adds to consumer and businesses' pain just as they are struggling to cope with flagging economic activity.

Despite the record growth in consumer prices in June, Eurostat said that underlying inflation grew much less quickly.

Excluding volatile items like energy, food, alcohol and tobacco prices, inflation rose to 1.8 percent in June from 1.7 percent.

The European Central Bank, which sets monetary policy for the eurozone, has a medium-term target ceiling for inflation of just under 2.0 percent.

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