Olan McEvoy
Research expert covering the European Union for society, economy, and politics.
Get in touch with us nowFollowing the easing of restrictions related to the coronavirus pandemic in 2022, inflation rates in many economic sectors in Europe spiked, with the food and non-alcoholic beverages and transport sectors being particularly affected. Additionally, Russia's invasion of Ukraine in February 2022 and the subsequent energy crisis caused a spike in the housing, water, electricity, gas, and other fuels sector, with the inflation rate in these products reaching 23.2 percent in October 2022. All economic sectors have experienced a significant disinflation during 2023, as higher interest rates set by the European Central Bank have begun to dampen economic activity and thereby slowing price increase.
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