Europeans are becoming poorer and the way it looks this is not the end of inflation spiking.
The causes of inflation are high prices of energy and food. The politics and the energy shortages will make inflation bigger in next three mounts.
Winter is coming and shortages of gas will make many houses to freeze, and many companies to close their business.
The question is how long inflation will last.
The European commission said that inflation would likely come down in 2024.
Regarding the information we have it will last up to 2025.
Why is EU facing high inflation?
The war in Ukraine and sanctions against Russia will make it harder to recover from inflation in next two years. The EU lost cheap gas and oil from Russia and one big part of trading goods.
Regarding the problems in politics EU and USA will hit big economy crises. However, by the look Russia and China will team up more to become more efficient and stop inflation causing more stability to the region and BRICS nation.
This are three countries in Europe with highest inflation
Serbia 19.2 %
Hungary 21.6 % Part of EU
Turkey 47.83 %