Record high energy prices will increase the cost of living in Europe in 2022 and 2023 by 7% and 9% respectively. This forecast was published in a report on the economic situation in the region by the International Monetary Fund (IMF).
“Record high prices for electricity and natural gas represent a significant negative shock for the vast majority of households, even in countries that rely less on oil and gas imports. For European households, higher energy prices will increase the cost of living by 7% in 2022 and 9% in 2023 compared to 2021”.
According to current data, the IMF predicts inflation at 8.3% in developed European economies in 2022. In 2023, however, it will slow down to 6.2%. In Eastern Europe, excluding the conflict-affected countries and Turkey, price increases will be 13.3% and 11.8% in 2022 and 2023, respectively, according to the report.
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