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With their prices rising, Europeans are facing increasing pressures to secure food and fuel

2022-04-07T12:08:57.243Z


London, SANA- After inflation reached unprecedented levels due to the crisis in Ukraine and the sanctions imposed on Russia


London-Sana

After inflation reached unprecedented levels due to the crisis in Ukraine and sanctions imposed on Russia, consumers in Europe are facing increasing pressures with rising fuel and food prices.

Consumer prices in the European bloc rose by more than 7.5 percent last March, according to official statistics, at a time when Europeans began to face more pressures with the increase in food prices, including meat, whose price increased by between 70 and 100 percent, cooking oil, smoke and other foodstuffs. According to a report by the Aso Shed Press.

Other items whose price has increased, such as clothes, cars, computers and books, whose prices have increased by more than 3.4 percent, and at a time when fuel and gas prices have recorded record levels due to the increase in demand after recovering from the Corona pandemic, these prices have risen more due to the crisis in Ukraine and fears of the impact of the imposed sanctions. On Russia against the backdrop of the crisis on the supply chain.

Augustin Carstens, Director General of the Bank for International Settlements Group, warned that the rise in fuel and food prices is an indication of the approaching “new inflationary era,” noting that experts’ expectations indicate inflation above 4.5 percent in the United States and most of Europe over the next two years and above 3.5 percent in many other advanced economies. .

The growing global food crisis due to the disruption of supply chains due to the sanctions imposed by the United States on Russia led some countries to ban exports as a solution to confront the crisis, which put global grain production, edible oil supplies and fertilizer exports to the wind, and raised the prices of basic commodities.

The New York Times had previously confirmed that Western sanctions imposed on Russia under the pretext of the crisis in Ukraine are stifling global supply chains and threatening to increase inflation around the world, noting that global economic prospects have become bleak with the rise in oil and natural gas prices.

Source: sena

All business articles on 2022-04-07

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