The summer figures for the 19 nations using the euro have set inflation to reach an average of 7.6% this year, a major increase from its May expectation of 6.1%
Russia’s war in Ukraine is expected to wreak havoc with the European Union’s economic recovery for the foreseeable future with lower annual growth and record-high inflation, the bloc’s economic forecast showed Thursday.
The war has led to surging energy and food prices that are driving a galloping inflation rate and weighing on economic growth and consumer confidence. Europe’s slumping economic prospects – and a strengthening U.S. dollar – are behind another tough sign: the euro hovering near parity with the dollar after dropping to its lowest level against the American currency in 20 years.
“The possibility that the resurgence of the pandemic in the EU would bring renewed disruptions to the economy cannot be excluded,” Gentiloni said.
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