Inflation within the Eurozone has hit yet another record high as the currency bloc struggles to deal with the ongoing gas crisis.
With the currency union finding itself sandwiched between an energy crisis caused by a combination of climate crazy policies and the Ukraine war as well as a wide variety of economic struggles in the wake of the COVID-19 pandemic, many within the bloc are now struggling with day to day costs.to see family gas bills rise to around €4,700 a year as a result of shortages.below parity with the dollar for the first time since 2002 — the year it was first introduced — earlier in the month.
Further difficulty is also expected to occur in 2024 and beyond, with the bank saying that their “bigger call” is the Eurozone will see lower GDP levels and higher unemployment in the coming years, something it says points towards a disinflationary impulse. Such economic forecasts will likely seem academic to many Europeans come the winter however, should they find themselves unable to heat their homes sufficiently due to gas either being completely unaffordable or completely unavailable.
Nor if it ends up being the case that the average European is left unable to turn on their lights after their national grid collapses as a result of a lack of Russian gas, an eventuality one Swedish expert now“I don’t want to sound alarmist, but in terms of electricity supply, it’s a very problematic situation ahead of the winter months,” he said.
“You have to maintain the voltage in the grid because when it falls too low, it can collapse. There is a risk that this could happen in Europe when consumption is reduced.”
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