Brussels, July 14, (dpa/GNA) - The European Commission expects eurozone inflation to peak at “historical highs” of 7.6% in 2022, according to a new forecast published on Thursday.
The forecast “is subject to high uncertainty and downside risks,” EU Economy Commissioner Paolo Gentiloni said in a statement, pointing to the Russian war in Ukraine and threats to the European Union’s gas supply.
In the EU as a whole, the commission is forecasting inflation to reach 8.6% in 2022. In 2023, this is to fall to 4% for the eurozone and 4.6% for the EU.
The European Commission has maintained a projection that the EU economy will grow by 2.7% in 2022, unchanged from a forecast in May. In 2023, economic growth is expected to be 1.5%
GNA