Europe experiences greater impact than the US!

The New York Times reported that inflation has taken a heavy toll on economies around the world, from the US to Australia, as politicians have failed to control rising prices.

The newspaper noted that many advanced economies have experienced the strongest rise in inflation in recent years as a result of the Corona virus pandemic.

The newspaper reported: “Governments are raising interest rates, but they must remember that acting too quickly will only exacerbate inflation. For the world’s largest economies, prices are rising too fast for politicians to control.”

He quoted top central bankers in North America and Europe that further interest rate hikes are expected despite slowing inflation as it is still above the 2% target.

According to the publication, in 2021 inflation in the United States rose significantly, but fell faster than in many European countries. This is partly due to the fact that Europe is more exposed to the consequences of the Ukrainian crisis, including sanctions that have led to higher food and energy prices.

Source: Prime