Inflation and an energy crunch, what’s next for Europe’s economy? | Business and Economy

From: Counting the Value

European Central Financial institution raises rates of interest for the primary time in additional than a decade.

Europe is struggling to place out fires hurting its financial system on a number of fronts. However it’s the rising value of heating houses and feeding households that many Europeans most likely discover most worrying.

Annual inflation within the European Union reached nearly 9 % in June. The European Central Financial institution has raised rates of interest by half a share level to attempt to rein in worth will increase.

It was seen as an act of solidarity within the face of what EU nations say is power blackmail by Russia. The bloc agreed to a plan to chop gasoline consumption by 15 % as Moscow introduced one other reduce to produce.

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