Inflation hits new record high of 10.7% in Europe, slowing economy

[andhra_jp]

Annual inflation reached 10.7% in October, the European Union's statistics agency, Eurostat, reported Monday. That is up from 9.9% in October and the highest since statistics began to be compiled for the eurozone in 1997.

Natural gas prices skyrocketed in the wake of the invasion of Ukraine as Russia throttled back pipeline supplies to a trickle of what they were before the war. Europe has had to resort to expensive shipments of liquefied gas that come by ship from the U.S. and Qatar to keep generating electricity and heating homes.

While liquid gas succeeded in filling storage for the winter, the higher prices have made some industrial products such as steel or fertilizer expensive or simply unprofitable to make. Consumer spending power has been drained at shops and elsewhere as more income goes to pay for fuel and utility bills.

Meanwhile, higher bond market costs for governments remain a concern for heavily indebted eurozone countries such as Italy.

 

https://www.moneycontrol.com/news/world/inflation-hits-new-record-in-europe-slowing-economy-9419831.html

[dasari4kntr]

 

[JambaKrantu]

I traveled to several cities in Europe over the last 1 year and it is hard to explain how poor some areas of Europe are. Some areas in UK, Italy and Greece felt like third world.. I feel like the downfall of Europe has started.

Cities in India are catching up, roads are better, the newer areas are not that filthy and modern shiny glass buildings erupting everywhere.. Symbolically India's GDP overtook UK for the first time since Independence this year.. This economic cycle will see the rise of Asia and downfall of Europe.

Only exception I guess will be USA which will still maintain it's economic might because of all the R&D that goes there..

[jalsa01]

12 minutes ago, JambaKrantu said:

I traveled to several cities in Europe over the last 1 year and it is hard to explain how poor some areas of Europe are. Some areas in UK, Italy and Greece felt like third world.. I feel like the downfall of Europe has started.

Cities in India are catching up, roads are better, the newer areas are not that filthy and modern shiny glass buildings erupting everywhere.. Symbolically India's GDP overtook UK for the first time since Independence this year.. This economic cycle will see the rise of Asia and downfall of Europe.

Only exception I guess will be USA which will still maintain it's economic might because of all the R&D that goes there..

Crude trade makes huge difference to dollar value.. once crude demand falls $ looses its shine..

[Pahelwan2]

Stock market assam this week and next week before elections. They fake pumped it last week for earnings