Eurozone inflation hits record 5.9% in February, 17.03.2022.
In the euro area, inflation rose to 5.9% year-on-year in February. According to the statistical agency of the European Union (EU) Eurostat, published on March 17, this figure was a record for the entire existence of the currency.
“The eurozone annual inflation rate was 5.9% in February 2022, compared to 5.1% in January. A year earlier, this figure was 0.9%,” the Eurostat report says.
The agency attributed such a sharp jump to the rapidly increasing prices for resources - by 32% for the same February.
Thus, the inflation rate reached its highest level in the euro area since the introduction of the currency in 2002.
On March 16, the United Nations Conference on Trade and Development (UNCTAD) published a report in which it predicted the inevitability of shocks in the global economy , rising food and fuel prices. This is connected with the events in Ukraine.
The White House said on March 14 that the cost of gasoline in the United States will rise , so the country's authorities are considering a number of measures to reduce prices.
Representative of the UN World Food Program (WFP) Thomson Peary on March 11 put forward a hypothesis that the situation in Ukraine could lead to world hunger due to rising food prices.
As Russian President Vladimir Putin noted on March 10 at a meeting with the government , energy prices in the West are rising due to their own miscalculations.
On March 10, Deputy Foreign Minister of the Russian Federation Alexander Pankin, in an interview with Izvestia, indicated that the consequences of the sanctions imposed against the Russian Federation against the backdrop of a special operation in Ukraine would affect the global economy . According to him, in some industries the demand for Russia in the world reaches 50%. The Deputy Minister emphasized that the sanctions policy of the West will lead to a break in logistics, marketing and production chains and shock prices for goods.
On the same day, Chinese Foreign Minister Wang Yi stressed that new sanctions against Russia over Ukraine could exacerbate food and energy crises in the world .
Western sanctions were imposed after Russia launched an operation to protect civilians in the Donbass on February 24 . As Kremlin spokesman Dmitry Peskov clarified at the time, the special operation has two goals - the demilitarization and denazification of Ukraine.
A few days earlier, the situation in the region escalated significantly due to shelling by the Ukrainian military. The authorities of the Donetsk and Lugansk republics (DPR and LPR) announced the evacuation of residents in the Russian Federation, and also turned to Moscow for help. On February 21, Putin signed a decree recognizing the independence of the DNR and LNR.