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The European Union’s Statistics Office released its inflation estimate for December, with prices soaring that cast a cloud over the economic recovery from the COVID-19 blockade.
The annual inflation rate in the euro area stood at 4.9 percent in November, driven mainly by rising energy prices, the fastest year-on-year increase since the start of Eurostat registrations, reports atsh.
Wholesale natural gas prices have been rising for months and the price of electricity has risen sharply, with consumers in many countries still suffering the consequences.
The European Commission said in November it expected strong growth this year, an increase of 4.3% in the EU Gross Domestic Product, but warned that high inflation represents a downward trend.
The European Central Bank’s annual inflation target is 2%, which is believed to be the right balance between growth and stability.
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