European consumer prices are rising at the highest rate ever

European consumer prices are rising at the highest rate ever

Inflation rose to 5.9% in February from just 0.9% last year

Consumer price inflation in in February accelerated by 5.9% compared to last year’s 0.9% per year, marking the fastest annual jump ever, ’s statistical office said on Thursday.

The indicator rose sharply from 5.1% in January. Prices rose most in (14.0%), (11.6%) and the (10.0%). The lowest annual price increases were recorded in Malta and France (both 4.2%) and , Finland and (all 4.4%). According to the agency, inflation fell in only two EU member states, while rising below 25.

The highest peaks were recorded in the energy sector, followed by services, food, alcohol, and non-energy-based industrial goods.

Experts warn that prices will only grow. Berlin-based energy supplier GASAG sa This month, the average German family will see their gas bill increase by at least 26% from May. The prices of petrol pumps in Europe almost doubled in March to around 2 euros per liter (8.25 USD / gallon).

This comes when Russia begins to retaliate against EU sanctions to keep the country’s going. Moscow recently banned the export of more than 200 items to “unfriendly states”, including telecom, medical, automotive, agricultural, electrical and technical equipment, including, until the end of 2022. The government also suspended exports of several types of timber and timber to states taking hostile action against Russia. “

The big question remains, however, whether Russia will go to reduce its oil and gas supplies to European states, which, according to analysts, would drive energy prices and push the region’s economy into .

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