Russia’s war to keep hitting EU economy, push up inflation
2 years, 5 months ago

Russia’s war to keep hitting EU economy, push up inflation

Associated Press  

BRUSSELS — Russia’s war in Ukraine is expected to wreak havoc with the European Union’s economic recovery for the foreseeable future with lower annual growth and record-high inflation, the bloc’s economic forecast showed Thursday. “Russia’s war against Ukraine continues to cast a long shadow over Europe and our economy,” EU Vice President Valdis Dombrovskis said. Further reductions in gas supply to the EU would send its prices higher and amplify stagflationary forces,” Economy Commissioner Paolo Gentiloni said. Gentiloni said that, with few options available in the short run, “this ‘severe scenario’ would bring the EU economy into recession over the second half of this year and further depress economic activity next year.

Europe War Russia Inflation Economic Gas This Year Russian European Euro Gentiloni Eu Economy  eu  economy  prices  forecast  set  euro  economic  war  push  russias  hitting  gas  inflation

History of this topic

How Russia's weakening economy could impact the war with Ukraine
2 weeks, 3 days ago

How Russia's weakening economy could impact the war with Ukraine

NPR  

How Russia's weakening economy could impact the war with Ukraine NPR's Elissa Nadworny talks with Alexandra Prokopenko, of the Carnegie Russia Eurasia Center, about weakness in the Russian economy and what that might mean for the country's war in Ukraine. Alexandra Prokopenko worked at the Russian Central Bank and is now a fellow at the Carnegie Russia Eurasia Center. NADWORNY: …

Russia-Ukraine war: EU pledges $19 bn for outgunned and outspent Kyiv
3 weeks, 4 days ago

Russia-Ukraine war: EU pledges $19 bn for outgunned and outspent Kyiv

Firstpost  

The aid comes at a critical time for Ukraine as questions grow about the future of US assistance when Donald Trump returns to power The European Union on Thursday confirmed it will provide Ukraine with €18.1 billion as part of a larger $50 billion Group of Seven loan aimed at supporting Kyiv amid its fight against Russia’s invasion. Uncertainty over …

Russian lawmakers give final nod on record military funding boost
3 weeks, 6 days ago

Russian lawmakers give final nod on record military funding boost

Al Jazeera  

Massive increase in spending builds on last year’s record, as Moscow maintains war on Ukraine, confrontation with West. Lawmakers in Russia’s upper house have given final parliamentary approval to a plan to boost military spending by almost 30 percent next year. That is about 3 trillion rubles more than was apportioned for this year, which itself represented a post-Cold War …

Russia is locking up butter as inflation crisis reaches new heights
1 month ago

Russia is locking up butter as inflation crisis reaches new heights

CNN  

CNN — Americans have spent the last few years complaining about inflation. But an influential group of Russian economists said on Telegram this week that “increased inflationary pressure will not only persist but may even increase.” Russia’s President Vladimir Putin said earlier this month that the Russian economy needs nearly 1 million new workers because of an unemployment rate of …

Russia is locking up butter as inflation crisis reaches new heights
Top News
1 month ago

Russia is locking up butter as inflation crisis reaches new heights

CNN  

CNN — Americans have spent the last few years complaining about inflation. But an influential group of Russian economists said on Telegram this week that “increased inflationary pressure will not only persist but may even increase.” Russia’s President Vladimir Putin said earlier this month that the Russian economy needs nearly 1 million new workers because of an unemployment rate of …

Russia is locking up butter as inflation crisis reaches new heights
Top News
1 month ago

Russia is locking up butter as inflation crisis reaches new heights

CNN  

CNN — Americans have spent the last few years complaining about inflation. But an influential group of Russian economists said on Telegram this week that “increased inflationary pressure will not only persist but may even increase.” Russia’s President Vladimir Putin said earlier this month that the Russian economy needs nearly 1 million new workers because of an unemployment rate of …

Why Putin’s inflation battle is weakening Russia from within
4 months, 1 week ago

Why Putin’s inflation battle is weakening Russia from within

The Telegraph  

There is no better signal that money is tight than Putin’s decision to appoint a trained economist with zero military experience as his defence minister. “The risk is that a slowdown in growth will become much more pronounced than moderation in inflation which could mean that Russia might be facing a scenario of stagflation as early as next year. This …

Kremlin scrambled as egg prices in Russia soar by more than 40 per cent in a year
1 year ago

Kremlin scrambled as egg prices in Russia soar by more than 40 per cent in a year

The Telegraph  

Eggs are being sold individually in Russia after the cost soared amid high inflation rates linked to the war in Ukraine. The price of eggs in Russia jumped 13 per cent in October 2023 and another 15 per cent in November, according to Russia’s statistics agency. The Kremlin has sought to blame media hysteria and stockpiling for the price rises …

The world economy will slow next year because of inflation, high rates and war, OECD says
1 year ago

The world economy will slow next year because of inflation, high rates and war, OECD says

Associated Press  

WASHINGTON — The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates. China’s “consumption growth will likely remain subdued due to increased precautionary savings, gloomier prospects for employment creation and heightened uncertainty,″ the OECD said. The world economy has endured one shock …

Europe's central bank is set to halt rate hikes as the Mideast war casts a shadow over the economy
1 year, 1 month ago

Europe's central bank is set to halt rate hikes as the Mideast war casts a shadow over the economy

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The European Central Bank is …

Explained: Blood and billions, the cost of Russia’s war in Ukraine
1 year, 4 months ago

Explained: Blood and billions, the cost of Russia’s war in Ukraine

Live Mint  

Russia's invasion of Ukraine has left tens of thousands of dead, displaced millions and sown economic turmoil across the world in the 18 months since its launch on Feb. 24, 2022. The conflict in eastern Ukraine began in 2014 after a pro-Russian president was toppled in Ukraine's Maidan Revolution and Russia annexed Crimea, with Russian-backed forces fighting Ukraine's armed forces. …

Russia’s economy can withstand a long war, but not a more intense one
1 year, 5 months ago

Russia’s economy can withstand a long war, but not a more intense one

Hindustan Times  

A WEEK AFTER Russia invaded Ukraine last year, Antony Blinken, America’s secretary of state, crowed, “The value of the ruble has plummeted; the Russian stockmarket closed as fear of capital flight rose; interest rates more than doubled; Russia’s credit rating has been cut to junk status.” American authorities clearly hoped that the “massive, unprecedented consequences” they and their allies had …

Europe inflation slips to 5.5% — but that won't stop central bank rate hikes
1 year, 5 months ago

Europe inflation slips to 5.5% — but that won't stop central bank rate hikes

The Hindu  

Inflation in Europe slid again in June but fell too slowly to offer much relief to shoppers grumbling over price tags or to stop more interest rate hikes that will raise the cost of borrowing across the economy. While that is a big drop from the peak of 10.6% in October, persistently high prices in the U.S., Europe and the …

Europe inflation slips to 5.5% — but that won’t stop central bank rate hikes
1 year, 5 months ago

Europe inflation slips to 5.5% — but that won’t stop central bank rate hikes

Associated Press  

FRANKFURT, Germany — Inflation in Europe slid again in June but fell too slowly to offer much relief to shoppers grumbling over price tags or to stop more interest rate hikes that will raise the cost of borrowing across the economy. While that is a big drop from the peak of 10.6% in October, persistently high prices in the U.S., …

Inflation in Europe drops to lowest level since Russia invaded Ukraine
1 year, 6 months ago

Inflation in Europe drops to lowest level since Russia invaded Ukraine

CNN  

London CNN — Inflation in Europe has fallen to its slowest pace since Russia invaded Ukraine, bolstering the case for the region’s central bank to bring interest rate hikes to an end soon. That’s the lowest rate of inflation since February 2022, when Moscow launched a full-scale invasion of its neighbor, sending global energy prices soaring. That could give the …

Europe’s economic outlook brightens a little after avoiding recession. But inflation still squeezes
1 year, 7 months ago

Europe’s economic outlook brightens a little after avoiding recession. But inflation still squeezes

Associated Press  

FRANKFURT, Germany — The European Union’s executive body raised its economic growth forecast, saying Europe had dodged a winter recession that was feared amid an energy crisis but warning that stubbornly high inflation is likely to keep hurting the economy by sapping people’s ability to spend. The outlook for the 20 countries using the euro currency improved to growth of …

Ukraine war expected to cost Germany 160 billion euros by the end of 2023
1 year, 10 months ago

Ukraine war expected to cost Germany 160 billion euros by the end of 2023

Hindustan Times  

The Ukraine war will have cost the German economy around 160 billion euros, or some 4% of its gross domestic output, in lost value creation by the end of the year, the head of the German Chambers of Industry and Commerce said. That means GDP per capita in Europe's largest economy will be 2,000 euros lower it would otherwise have …

Year of war in Ukraine left developing nations picking up pieces
1 year, 10 months ago

Year of war in Ukraine left developing nations picking up pieces

Al Jazeera  

Some of the harshest economic effects of the war are being felt much farther afield than Russia’s theatre of battle. Given the complex interplay between geopolitics, commodity prices and financial markets, Russia’s invasion sent shockwaves across the global economy, including developing countries. “The international community needs to adopt a portfolio approach to improve food resilience in developing countries,” Torero said, …

Russia's war on Ukraine 'could push millions into extreme poverty'
1 year, 10 months ago

Russia's war on Ukraine 'could push millions into extreme poverty'

Daily Mail  

Experts already said energy prices are 'unlikely to return to normal' until 2030s Soaring energy prices triggered by Russia's war on Ukraine could push up to 141 million people worldwide into extreme poverty, a new study reveals. Average household energy cost for households globally has increased between 62.6 per cent and 112.9 per cent since conflict began on February 24 …

Bleak global economic outlook amid the Ukraine proxy war
1 year, 10 months ago

Bleak global economic outlook amid the Ukraine proxy war

China Daily  

Thanks to the proxy war global growth is expected to decelerate sharply to 1.7 percent in 2023. West’s tough 2022 and darker 2023 Currently, the risk of recession casts a dark shadow over the US economy, in which rising food and energy prices, coupled with a tight labor market and the Federal Reserve’s misguided monetary responses, pushed inflation to multi-decade …

Germany sees brighter outlook for Europe’s largest economy
1 year, 10 months ago

Germany sees brighter outlook for Europe’s largest economy

Associated Press  

FRANKFURT, Germany — The German government on Wednesday said it expects to eke out economic growth this year instead of a decline as Europe’s largest economy manages its energy divorce from Russia and shells out support for consumers and businesses hit by higher energy costs. The improved outlook “didn’t fall from heaven — we accomplished it, this country accomplished it.” …

Does Russia have enough money for war?
2 years ago

Does Russia have enough money for war?

Al Jazeera  

Even with the Western sanctions and an expected drop in oil and gas revenues, Russia, unfortunately, still has money to continue its aggression on Ukraine. The confrontation with the West over the war in Ukraine also affected Russia’s hydrocarbon exports, which in 2021 accounted for nearly 50 percent of total exports and 45 percent of federal budget revenues. Overall, in …

Inflation in Europe eases but still in painful double digits
2 years ago

Inflation in Europe eases but still in painful double digits

Associated Press  

FRANKFURT, Germany — Inflation in Europe has eased for the first time in more than a year as energy prices drifted down from painful highs, but the double-digit rate still hovers near a record that has robbed consumers of their spending power and led economists to predict a recession. Out-of-control inflation is being fed by high energy prices caused by …

Europe’s inflation likely hasn’t peaked, ECB’s Lagarde says
2 years ago

Europe’s inflation likely hasn’t peaked, ECB’s Lagarde says

Associated Press  

BRUSSELS — The head of the European Central Bank said Monday she does not believe inflation has peaked after reaching the highest levels on record. ECB President Christine Lagarde also told European lawmakers that the bank isn’t through raising interest rates to combat those price spikes. That means the central bank will “continue to tame inflation with all the tools …

EU expects recession to hit this year as inflation hangs on
2 years, 1 month ago

EU expects recession to hit this year as inflation hangs on

Associated Press  

FRANKFURT, Germany — The European Union’s executive commission slashed its forecast for economic growth next year, saying the 19 countries that use the euro currency will slide into recession over the winter as peak inflation hangs on for longer than expected and high fuel and heating costs erode consumer purchasing power. The commission says high energy prices, a rising cost …

Is Ukraine war speeding Europe’s transition to renewable energy?
2 years, 1 month ago

Is Ukraine war speeding Europe’s transition to renewable energy?

Al Jazeera  

Shortages are leading to a policy pivot towards a cleaner energy future, but some see a lack of cash to sustain investment. Renewable energy production in Europe reached record levels following Russia’s invasion of Ukraine, leading some energy analysts to predict that Europe is poised to surge forward in creating clean energy. “This can be a historic turning point towards …

As inflation rises, could European support for Ukraine wobble?
2 years, 1 month ago

As inflation rises, could European support for Ukraine wobble?

Al Jazeera  

Europe’s solidarity and commitment towards Kyiv will be tested this winter, and the US midterms might also have an effect, according to analysts. “If Russia succeeds in fomenting social unrest through the energy war, a migration crisis and its disinformation campaign … these could translate in the European support diminishing, which is Russia’s goal,” Loss said, adding though that so …

Inflation hits new record in Europe, slowing economy
2 years, 1 month ago

Inflation hits new record in Europe, slowing economy

The Hindu  

Inflation hit a new record in the 19 countries that use the euro currency, fueled by out-of-control prices for natural gas and electricity due to Russia's war in Ukraine. While liquid gas succeeded in filling Europe's storage for the winter, the higher prices have made some industrial products such as steel or fertilizer expensive or simply unprofitable to make. Natural …

Inflation protests across Europe threaten political turmoil
2 years, 2 months ago

Inflation protests across Europe threaten political turmoil

Associated Press  

LONDON — In Romania, protesters blew horns and banged drums to voice their dismay over the rising cost of living. Across Europe, soaring inflation is behind a wave of protests and strikes that underscores growing discontent with the spiraling cost of living and threatens to unleash political turmoil. Despite natural gas prices falling from record summer highs and governments allocating …

Ukraine War Fallout: Is Energy Crisis Imminent in Europe? - News18
2 years, 2 months ago

Ukraine War Fallout: Is Energy Crisis Imminent in Europe? - News18

News 18  

The Russia-Ukraine conflict, euphemistically called a “special military operation” by Russia when it launched the offensive, more than seven months ago was not expected to last more than a few days or weeks. Despite alarm bells from a January 2009 crisis that led to the disruption of Russian gas transiting through Ukraine for two weeks, and Russia’s annexation of Crimea …

UK inflation accelerates to 40-year high as food prices rise
2 years, 2 months ago

UK inflation accelerates to 40-year high as food prices rise

Associated Press  

LONDON — British food prices rose at the fastest pace since 1980 last month, driving inflation back to a 40-year high and heaping pressure on the embattled government to balance the books without gutting help for the nation’s poorest residents. “In today’s society, I find that completely unacceptable.” Hunt this week told the House of Commons that the government would …

German government: Economy to shrink in 2023 as war bites
2 years, 2 months ago

German government: Economy to shrink in 2023 as war bites

Associated Press  

BERLIN — The German government on Wednesday slashed its growth forecast for this year and predicted that Europe’s biggest economy would shrink in 2023 as it deals with the fallout from Russia’s war in Ukraine, including Moscow cutting off natural gas supplies. Habeck said that despite the grim growth projections, employment would likely remain “robust.” Russian imports once accounted for …

Data | Energy inflation in Europe peaks at 40% as Russia squeezes oil supply
2 years, 2 months ago

Data | Energy inflation in Europe peaks at 40% as Russia squeezes oil supply

The Hindu  

In the seven months following Russia’s invasion of Ukraine, the tables have turned. In the months following the invasion, tougher sanctions against Russian oil and gas remained a contentious subject for countries in the European region. Subscribe here to get the Data Point newsletter delivered to your inbox Data shows that a combination of supply-squeeze from Russia and self-imposed import …

World Bank: Ukraine’s war-torn economy will sink 35% in ’22
2 years, 2 months ago

World Bank: Ukraine’s war-torn economy will sink 35% in ’22

Associated Press  

WASHINGTON — Devastated by Russia’s invasion eight months ago, the Ukrainian economy will plunge 35% this year, the World Bank forecast Tuesday. The World Bank, a 189-country anti-poverty agency, estimates that rebuilding the country will cost at least $349 billion, 1.5 times the size of Ukraine’s prewar economy. “Ukraine continues to need enormous financial support as the war needlessly rages …

‘I’ve given up on all my dreams’: Dread in Germany deepens over war in Ukraine
2 years, 2 months ago

‘I’ve given up on all my dreams’: Dread in Germany deepens over war in Ukraine

LA Times  

Kati Pannwitz spends her evenings at home alone in a darkened and unheated apartment, watching old movies while worrying about the new reality of life in a country that is being drawn ever closer to the war in Ukraine. The institute also found in an April poll that 80% of Germans were worried the war in Ukraine would cause lasting …

Inflation hits record 10% in 19 European Union countries
2 years, 2 months ago

Inflation hits record 10% in 19 European Union countries

The Hindu  

Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe's major economies as higher prices undermine consumers' spending power. The European Central Bank is raising interest rates to combat inflation by keeping higher prices from being baked into …

Inflation hits record 10% in 19 EU countries using euro
2 years, 2 months ago

Inflation hits record 10% in 19 EU countries using euro

Associated Press  

FRANKFURT, Germany — Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe’s major economies as higher prices undermine consumers’ spending power. The European Central Bank is raising interest rates to combat inflation by keeping higher prices from …

OECD: War in Ukraine to drag on global economy into 2023
2 years, 2 months ago

OECD: War in Ukraine to drag on global economy into 2023

Associated Press  

PARIS — Russia’s war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year, the Organization for Economic Cooperation and Development said Monday in a darkening outlook. The inflation and energy supply shock led the OECD to project annual economic …

Germany: Recession clouds gather in Europe's largest economy
2 years, 2 months ago

Germany: Recession clouds gather in Europe's largest economy

Firstpost  

Germany’s key future indicator, the IFO survey of business confidence, pointed down for the fourth month in a row as high inflation fed by astronomical natural gas prices undermines consumer pricing power and imposes heavy costs on businesses Frankfurt: Europe’s largest economy is sending recession signals. Germany’s key future indicator, the IFO survey of business confidence, pointed down for the …

EU wants price cap on Russian gas, energy companies to pay
2 years, 3 months ago

EU wants price cap on Russian gas, energy companies to pay

Associated Press  

BRUSSELS — European Union countries should set a price cap on Russian natural gas and seek a “solidarity contribution” from European oil and gas companies making extraordinary profits as the war in Ukraine drives up energy costs, European Commission President Ursula von der Leyen said Wednesday. “We are facing an extraordinary situation, because Russia is an unreliable supplier but also …

Inflation hits 9.1% in countries using euro currency
2 years, 3 months ago

Inflation hits 9.1% in countries using euro currency

Associated Press  

LONDON — Inflation in the European countries using the euro currency hit another record in August, fueled by soaring energy prices mainly driven by Russia’s war in Ukraine. Annual inflation in the eurozone’s 19 countries rose to 9.1%, up from 8.9% in July, according to the latest figures released Wednesday by the European Union statistics agency Eurostat. In the euro …

After six months of war in Ukraine, here's what could come next
2 years, 4 months ago

After six months of war in Ukraine, here's what could come next

The Telegraph  

When Russia invaded Ukraine six months ago many thought Kyiv would fall within a week and that president Vlodomyr Zelensky would be captured – or worse. ‘Putin may stage unconventional attacks to distract from battlefield stalemate’ Dominic Nicholls, Defence and Security Editor Ukrainian officials say the war has become bogged down in a “strategic stalemate”. “If have more weapons and …

Ukraine war sets back world economy's comeback from COVID-19 pandemic crisis
2 years, 4 months ago

Ukraine war sets back world economy's comeback from COVID-19 pandemic crisis

Firstpost  

Global growth forecasts have been repeatedly cut, with the International Monetary Fund now expecting a 3.2 per cent expansion compared to nearly five per cent earlier Paris, France: This year was supposed to confirm the world economy’s comeback from the COVID-19 pandemic crisis. Two ‘small’ economies rattle world “Six short months ago the macro landscape was markedly different from today,” …

6 months of war in Ukraine: A grim winter will test Europe’s support for Kyiv like never before
2 years, 4 months ago

6 months of war in Ukraine: A grim winter will test Europe’s support for Kyiv like never before

CNN  

CNN — Six months since Russia invaded Ukraine, the West’s response to the crisis has remained strong and largely united – to the surprise of many. “The challenge for Ukraine is the same as it was on day one: keeping the West on side as the costs of supporting Kyiv hit home – not just Putin’s gas and grain blackmail …

Russia’s war at 6 months: A global economy in growing danger
2 years, 4 months ago

Russia’s war at 6 months: A global economy in growing danger

Associated Press  

MECKENHEIM, Germany — Martin Kopf needs natural gas to run his family’s company, Zinkpower GmbH, which rustproofs steel components in western Germany. Russia’s war led the International Monetary Fund last month to downgrade its outlook for the global economy for the fourth time in under a year. “The world may soon be teetering on the edge of a global recession, …

Putin’s war sets Russian economy back 4 years in single quarter
2 years, 4 months ago

Putin’s war sets Russian economy back 4 years in single quarter

Al Jazeera  

A wave of international sanctions after Moscow’s invasion of Ukraine disrupted Russia’s trade and threw various of its industries into paralysis. President Vladimir Putin’s invasion of Ukraine set Russia’s economy back four years in the first full quarter after the attack, putting it on track for one of the longest downturns on record even if less sharply than initially feared. …

Inflation hits record 8.9% in euro area, but economy grows
54 years, 11 months ago

Inflation hits record 8.9% in euro area, but economy grows

Associated Press  

LONDON — Inflation in the European countries using the euro currency shot up to another record in July, pushed by higher energy prices fueled by Russia’s war in Ukraine, but the economy managed better-than-expected, if meager, growth in the second quarter. Analysts say the economic growth tied to a rebound in tourism could be the last glimmer of upbeat news, …

Euro zone inflation hits yet another record high in July
2 years, 4 months ago

Euro zone inflation hits yet another record high in July

The Hindu  

Euro zone inflation rose to another record high in July and its peak could still be months away, keeping pressure on the European Central Bank to opt for another big interest rate increase in September. Consumer price growth in the 19 countries sharing the euro currency accelerated to 8.9% in July from 8.6% a month earlier, far above expectations for …

Eurozone inflation surges to record high in fresh blow to Lagarde
2 years, 4 months ago

Eurozone inflation surges to record high in fresh blow to Lagarde

The Telegraph  

Inflation in the eurozone has soared to a new record high, piling more pressure on the European Central Bank as price rises show no signs of slowing. “Going forward, the path for inflation is very dependent on what happens with Russian gas flows, and hence energy prices, but in any case it isn’t expected to come down fast,” she added. …

Russia’s central bank slashes rate, saying inflation slows
2 years, 5 months ago

Russia’s central bank slashes rate, saying inflation slows

Associated Press  

MOSCOW — The Russian central bank diverged from its Western counterparts by slashing its key interest rate Friday just a month after dropping it to where it was before the country sent troops into Ukraine. “The recent essentially involuntary accumulation of savings is a compressed spring in the economy, which can cause dramatic consumption growth under certain circumstances,” central bank …

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