8/1/22, 9:52 AM EU hikes inflation forecast to 8.3% as Ukraine war drives soaring prices
https://www.cnbc.com/2022/07/14/eu-hikes-inflation-forecast-to-7point6percent-as-russia-ukraine-war-fuels-price-increases.html 1/7
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EU hikes inflation forecast to 8.3% for 2022 as Russia-
Ukraine war drives soaring prices
P U B L I S H E D T H U , J U L 1 4 2 0 2 2 • 5 : 0 4 A M E D T U P D AT E D T H U , J U L 1 4 2 0 2 2 • 1 0 : 3 3 A M E D T
In May, the European Commission expected inflation in the euro area to hit 6.1% in 2022,
before falling to 2.7% in 2023. Now, both forecasts have been revised up to 7.6% and 4%,
respectively.
For Europe as a whole, the inflation forecasts have been revised up from 6.8% in 2022
and 3.2% in 2023, to 8.3% and 4.6% respectively.
Many economists are pricing in a recession for the euro zone either later this year or in
2023, but — for now at least — European officials are refusing to talk about the possibility
of a recession.
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