![Long lines at voting centers, Maryland. [Fotografía Tomás Guevara/VOA]](https://thelatestnews.world/wp-content/uploads/2024/11/This-is-how-election-day-progresses-in-the-United-States-150x141.jpeg)
First modification:
The consumer price index is rising at a rate that is already approaching double digits in the 27 countries that make up the European Union, with rises that impact the Baltic countries the most, which share inflation rates of around 20 %.
Since the war began in Ukraine at the beginning of this year, the prices of products in the family shopping basket have been skyrocketing around the world, especially in Europe.
In the last 12 months, cut to June 2022, the prices of the family basket in the European Union have accumulated a rise that is already approaching two digits, according to Eurostat.
The community statistics office revealed that in the sixth month of the year, annualized inflation stood at 9.6%; eight tenths more than the previous month and the highest so far this year.
Estonia, Lithuania and Latvia are the European Union countries that have seen their consumer prices rise the most since the war in Ukraine began. In these countries, prices have accumulated a variation close to 20% in the last 12 months up to June.
On the contrary, with price increases below the European Union average, Denmark, Portugal, Cyprus, Sweden, Austria, Italy, Germany, Finland, France and Malta stood.
Energy, the main culprit of inflation
According to Eurostat, almost half of the record inflation in June was due to the 42% increase in energy prices. The second factor is food, which was 11% more expensive than a year ago.
The situation threatens to get worse. The block of 27 fears that a temporary maintenance of the Nord Stream 1 gas pipeline, the largest transporter of Russian gas to Europe, will become permanent.
The viability of this gas pipeline is uncertain due to problems in the review of turbines that Russia has found due to Western sanctions, according to the Russian state company Gazprom.
German Economy and Energy Minister Robert Habeck expressed concern in early July about the possibility of a complete “blockade” of the Nord Stream pipeline on the pretext that it is being repaired.
The International Monetary Fund (IMF) warned on Tuesday that such a suspension, if it became permanent, would have “devastating effects” for the economies of Europe (especially in the east and center of the continent).
A report published by the international financial institution indicates that the most dependent countries could see their Gross Domestic Product (GDP) fall by around 6%, while in Germany -the economic engine of the European Union-, the GDP would fall close to 3% if the hypotheses of his Minister of Economy were fulfilled.
With EFE and Reuters
Add Comment