A third of EU countries have inflation of 10% or more

Estonia, Lithuania and Bulgaria have the highest increases in consumer prices in the European Union (EU).

According to RT, consumer price growth has hit double digits in at least a third of EU countries. The most severe increase in inflation occurred in the Baltic region.

Nine members of the EU have had inflation exceeding 10%, with the biggest increase being in Estonia, where consumer prices have increased by 19% year-on-year.

Other hard hit countries are Lithuania with inflation at 16.8%, Bulgaria with 14.4%, Czech Republic with 14.2%, Romania (13.8%), Latvia (13%). , Poland (12.4%) and Slovakia (11.7%).

Turkey, which has been an EU candidate since 1999, has an inflation rate of up to 70% due to the collapse of its national currency.

Meanwhile, the Hellenic Statistical Office (ELSTAT) said that inflation in Greece rose to double digits in April, to 10.2% year-on-year.

The price increases in all of these countries are due to Russia’s military activity in Ukraine, and inflation is proportional to the extent to which each country depends on Russian energy. Russia’s sanctions and retaliatory measures have caused fossil fuel prices to rise globally.

Citing Eurostat data for 2020, the Financial Times reports that nearly all of Lithuania’s energy imports come from Russia, while in Slovakia and Greece, Russia’s share of energy supply is close to 50% . Last month, Lithuania became the first EU country to drop imports of Russian gas, and on May 22, it plans to stop importing electricity from Russia.

According to Eurostat, energy prices accounted for almost half of the EU’s record 8.1% inflation rate last month. Last year, inflation in the bloc was just 2%.

Earlier this week, the European Commission announced the REPowerEU plan to accelerate the green transition. Under the plan, the EU would need 210 billion euros to implement the changes by 2027, while the European Commission had previously estimated that it would have to spend an additional 195 billion euros during this period to abandon Russian energy.

Meanwhile, in the UK – which has left the EU – annual inflation in April rose to a 40-year high as energy costs skyrocketed, deepening the cost-of-living crisis.

Specifically, consumer price inflation rose from 7% in March to 9% in April, the highest level since 1982. Last month, consumer prices in the UK surged after gas and electricity prices rose. due to escalating energy costs. ONS chief economist Grant Fitzner said that the rapid increase in electricity and gas prices was the reason for the sharp increase in inflation in April. After the above figures were published, the pound sterling fell 0.4% against the dollar.

Many countries around the world are facing their highest inflation levels in decades, as the Ukraine crisis pushes up food and energy prices, forcing the Bank of England and other central banks to Others have to raise interest rates.

British Foreign Secretary Liz Truss admitted the country was facing a very difficult economic situation. Meanwhile, UK Finance Minister Rishi Sunak stressed that although it is not possible to completely protect people from these global challenges, the government will give its full support and stand ready to step up action to help people. overcome the current crisis.