Which European Nations Are Hardest Hitten by Inflation?

October 04, 2022 By Omal J

(Image Credit Google)

Eurozone inflation remains at all-time highs, with the latest estimate from the EU's statistics office predicting annual eurozone inflation of 10%. Prices for food, alcohol and tobacco, non-energy industrial goods, and services are all up from July and August, when annual eurozone inflation was forecast at 8.9 percent and 9.1 percent, respectively. The Baltic countries remain the hardest hit; Estonia, in particular, is experiencing the highest levels of inflation in the eurozone, with inflation increasing year on year from 6.4% in September 2021 to 24.2% in September 2022. In Latvia and Lithuania, inflation was also 22.4 percent and 22.5 percent, respectively. Which European Nations Are Hardest Hit by Rising Food and Energy Prices

Which European Nations Are Hardest Hit by Rising Food and Energy Prices

The Netherlands experienced the largest monthly price increase, rising from 13.7% in August to 17.1% in September. In other news, the UK's inflation rate hit a 40-year high of 10.1% in July, according to the Office for National Statistics (ONS) on August 17. Energy inflation is estimated to be 40.8 percent in September, up from 38.6 percent in August, according to Eurostat. Source of these inflation rates Before Russia invaded Ukraine in late February, Europe and much of the rest of the world were already suffering from soaring energy prices, which contribute to inflation. The conflict has exacerbated the energy crisis by raising global concerns about a disruption in Russian oil or natural gas supplies. In September, Moscow stated that it would not fully resume gas supplies to Europe until the West lifted sanctions. Which European Nations Are Hardest Hit by Rising Food and Energy Prices

Russia has recently been the EU's top supplier of oil, natural gas, and coal, accounting for nearly a quarter of its total energy consumption. The prices of many commodities - crucially including food - have also been rising ever since COVID-19 pandemic lockdowns were first introduced two years ago, straining global supply chains, leaving crops to rot, and causing panic-buying in supermarkets. The war in Ukraine again dramatically worsened the outlook, as Russia and Ukraine account for nearly a third of global wheat and barley, and two-thirds of the world's exports of sunflower oil used for cooking. Ukraine is also the world's fourth-biggest exporter of corn.

By Omal J

I worked for both print and electronic media as a feature journalist. Writing, traveling, and DIY sum up her life.

Which European Nations Are Hardest Hitten by Inflation?

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