London, ap. 30–
Inflation is reported to have risen sharply in 19 European countries that use the euro as their currency.
Annual inflation rose to 7.5 percent this month as fuel prices soared due to the Ukraine-Russia war. As a result, energy prices in European countries have risen by 38 percent. This has affected 34.3 crore people. European inflation echoed US inflation. US inflation rose to 8.5 percent last month.
Russia The Ukraine war has disrupted crude oil and gas supplies from Russia. Russia and the Ukraine war are said to have had a major impact on countries recovering from the economic downturn caused by the Corona.
Impact on Europe
This inflation has pushed up prices of raw materials and spare parts. Germany is encouraging people to use electricity. Germany’s IG Metal Workers’ Union has demanded an 8.2 percent increase in wages for workers.
European countries depend on Russia for fuel imports. Despite Russia’s opposition to the war against Ukraine, rising temperatures, rising electricity consumption and rising automobile fuel prices have made it impossible for European nations to stop trading with Russia. The European Central Bank has been advising to raise interest rates in the wake of this inflation.
