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Post by sevenofnine on Jul 1, 2022 10:50:36 GMT -5
You know getting pretty bad if EU is freaking out economically
Soaring energy prices have pushed inflation across the eurozone to a new high of 8.6% in June.
The record-breaking figure, up from 8.1% in May, spells bad news for the European economy, which is currently dealing with several challenges at the same time: the war in Ukraine, dwindling supplies of Russian gas, global food insecurity, disrupted supply chains and the ripple effects from stringent lockdowns in China.
Energy continues to be the main driver of expensive prices, with a 41.9% price on an annual basis, as EU countries rush to replace cheap Russian fossil fuels with alternative, high-priced suppliers.
Unprocessed food, like vegetables and fruit, are also experiencing a marked increase (11.1%) as high gas prices turn fertilisers costlier for farmers and producers.
euronews.com/my-europe/2022/07/01/inflation-in-the-eurozone-reaches-new-record-high-of-86
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