EU hikes inflation forecast to 8.3% for 2022 as Russia-Ukraine war drives soaring prices

EU hikes inflation forecast to 8.3% for 2022 as Russia-Ukraine war drives soaring prices

• In May, the European Commission expected inflation in the euro area to hit 6.1% in 2022, before falling to 2.7% in 2023. Now, both forecasts have been revised up to 7.6% and 4%, respectively.
• For Europe as a whole, the inflation forecasts have been revised up from 6.8% in 2022 and 3.2% in 2023, to 8.3% and 4.6% respectively.
• Many economists are pricing in a recession for the euro zone either later this year or in 2023, but — for now at least — European officials are refusing to talk about the possibility of a recession.

https://www.cnbc.com/2022/07/14/eu-hikes-inflation-forecast-to-7point6percent-as-russia-ukraine-war-fuels-price-increases.html