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Tag: Russia-Ukraine war impact

  • Inflation in 19 nations utilizing euro hits report 8.6%

    Inflation within the 19 nations that use the euro foreign money hit a report 8.6% in June, pushed greater by a robust enhance in vitality prices fueled partly by Russia’s conflict in Ukraine.

    Food costs additionally picked up tempo. Annual inflation within the eurozone surged previous the 8.1% recorded in May, in keeping with the newest numbers revealed Friday by the European Union statistics company, Eurostat.

    #UPDATE The EU’s Eurostat information company mentioned the rise in shopper costs within the 19 nations that use the euro reached 8.6% in June, leaping from the earlier report of 8.1% in May pic.twitter.com/7Vtw1c6JCC

    — AFP News Agency (@AFP) July 1, 2022

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    Inflation is at its highest stage since report protecting for the euro started in 1997. Energy costs rocketed 41.9%, and costs for meals, alcohol and tobacco had been up 8.9%, each sooner than the will increase recorded the earlier month.

    Price will increase for items like clothes, home equipment, automobiles, computer systems and books held pretty regular at 4.3%, as did costs for providers 3.4%.

    Inflation has been setting month-to-month data since final 12 months, underscoring how the conflict’s impression on world vitality provides is making life dearer for the eurozone’s 343 million individuals.

    To fight hovering shopper costs, the European Central Bank is planning its first rate of interest hike in 11 years this month, adopted by one other enhance in September.

  • Slovakia says hardest hit by Russia oil sanctions, expects solidarity

    Slovakia stated on Friday it might be hardest hit by European Union sanctions on Russian oil and it anticipated solidarity from Brussels to mitigate the impression.

    The financial system ministry stated Slovakia had sought a three-year derogation on trade-in piped Russian oil and oil merchandise however was unsuccessful as powerful sanctions had been accepted with the goal of hitting Russian revenues following its invasion of Ukraine.

    “The embargo … was approved in a version with direct impact on the market for motor fuels and their production in Slovakia,” the ministry stated in a press release.

    “Within the declared solidarity we expect individual access to resources from REPower EU,” it stated, referring to the EU’s plan to finish dependence on Russian fossil fuels and deal with the local weather disaster.

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    The ministry stated the ultimate model of the sanctions meant Slovakia might maintain importing crude from Russia by way of the Druzhba pipeline, however after eight months this might solely be used for manufacturing for the home market and oil product exports to the neighboring Czech Republic, which might be potential for additional 10 months.

    Slovakia’s solely home refiner, Slovnaft, runs on Russian oil.

    It stated on Thursday the sanctions would have a extreme impression on its manufacturing and create market shortages in fuels within the area because it couldn’t make technological modifications in time.

    The 124,000 barrel-per-day refinery, owned by Hungary’s MOL, is predicated close to Slovakia’s borders with Hungary and Austria, and likewise has a product pipeline to the Czech Republic.

    It exports nearly all of its output, together with diesel, petrol, jet gas, sulphur, and plastics to quite a few central and west European international locations and stated pressured a discount in capability can also threaten provides to the home market.