{"id":1526152,"date":"2022-06-22T16:50:19","date_gmt":"2022-06-22T20:50:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1526152"},"modified":"2022-06-22T16:50:24","modified_gmt":"2022-06-22T20:50:24","slug":"europe-copes-with-high-inflation-amid-self-destructive-energy-policies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/europe-copes-with-high-inflation-amid-self-destructive-energy-policies\/","title":{"rendered":"Europe Copes With High Inflation Amid Self-Destructive Energy Policies"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feurope-copes-with-high-inflation-amid-self-destructive-energy-policies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1526152&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Though <a href=\"http:\/\/dailywire.com\/topic\/inflation\">inflation<\/a> is soaring in the United States, several key <a href=\"http:\/\/dailywire.com\/topic\/europe\">European<\/a> <a href=\"http:\/\/dailywire.com\/topic\/economy\">economies<\/a> are also witnessing record-high prices.<\/p>\n<p>Inflation in the <a href=\"http:\/\/dailywire.com\/topic\/european-union\">European Union<\/a> reached 8.1% as of May 2022, according to a data released last week by <a href=\"https:\/\/ec.europa.eu\/eurostat\/statistics-explained\/index.php?title=Inflation_in_the_euro_area#Euro_area_annual_inflation_rate_and_its_main_components\">Eurostat<\/a>, with the price of energy alone increasing nearly 40% year-over-year. Meanwhile, in the United States, the Consumer Price Index (CPI) increased <a href=\"https:\/\/www.dailywire.com\/news\/inflation-reaches-8-6-setting-new-four-decade-high\">8.6%<\/a> during the same time period, with <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-products-gutting-your-bank-account-as-inflation-soars\">energy products<\/a> rising 35% in price.<\/p>\n<p>Although both the United States and Europe began seeing higher inflation after COVID and the lockdown-induced recession, according to data from the <a href=\"https:\/\/data.worldbank.org\/indicator\/FP.CPI.TOTL.ZG?locations=EU-US\">World Bank<\/a>, the problem has since been exacerbated due to the <a href=\"http:\/\/dailywire.com\/topic\/russia\">Russian<\/a> invasion of <a href=\"http:\/\/dailywire.com\/topic\/ukraine\">Ukraine<\/a>.<\/p>\n<p>Russia is the world\u2019s third largest oil producer and the overall largest exporter of oil to global markets, according to the <a href=\"https:\/\/www.iea.org\/reports\/russian-supplies-to-global-energy-markets\/oil-market-and-russian-supply-2\">International Energy Agency<\/a>. Although oil continues to be exported from Baltic and Black Sea ports, trading houses are purchasing and storing the oil in Europe, where it could eventually be resold in avoidance of international sanctions, a March report from the <a href=\"https:\/\/www.dallasfed.org\/research\/economics\/2022\/0322\">Federal Reserve Bank of Dallas<\/a> explained.<\/p>\n<p>\u201cThe surge in global fuel, electricity, residential natural gas and food prices, as well as the supply-chain disruptions caused directly by the invasion of Ukraine and indirectly by the sanctions against Russia, will sustain inflationary pressures in 2022,\u201d the Dallas analysts said. \u201cIf the bulk of Russian energy exports is off the market for the remainder of 2022, a global economic downturn seems unavoidable.\u201d<\/p>\n<p>In <a href=\"http:\/\/dailywire.com\/topic\/germany\">Germany<\/a> \u2014 which <a href=\"https:\/\/www.bafa.de\/SharedDocs\/Kurzmeldungen\/DE\/Energie\/Rohoel\/2021_12_rohloelinfo.html\">imported<\/a> over one-third of its oil from Russia in 2021 \u2014 producer prices <a href=\"https:\/\/www.destatis.de\/DE\/Presse\/Pressemitteilungen\/2022\/06\/PD22_252_61241.html\">surged<\/a> at their highest clip since data collection began in 1949. In the <a href=\"http:\/\/dailywire.com\/topic\/united%20kingdom\">United Kingdom<\/a> \u2014 where Russian oil <a href=\"https:\/\/www.gov.uk\/government\/news\/uk-to-phase-out-russian-oil-imports\">accounts for<\/a> 8% of demand \u2014 inflation edged up to 9.1%, according to the nation\u2019s <a href=\"https:\/\/www.ons.gov.uk\/economy\/inflationandpriceindices\/bulletins\/consumerpriceinflation\/may2022\">Office for National Statistics<\/a>.<\/p>\n<p>British Conservative Alliance head of research Connor Tomlinson told The Daily Wire that inflation in the United Kingdom is <a href=\"https:\/\/www.dailywire.com\/news\/europes-gas-prices-are-even-higher-than-americas\">worsened<\/a> by a \u201ccatastrophic concoction of high tax government policies, supply-side procurement issues, and quantitative easing.\u201d<\/p>\n<p>Tomlinson noted that the nation has \u201cprice caps on energy \u2014 introduced by a supposedly free market Conservative government \u2014 which has produced an arms race between consumers already strapped for cash, suppliers who are producing at a net loss while the wholesale cost of gas rises, and a government bureaucratic engine which moves too slowly to adjust the cap in accordance with market activity.\u201d Because the <a href=\"https:\/\/energysavingtrust.org.uk\/what-is-the-energy-price-cap\/\">price caps were raised<\/a> in April, energy bills are expected to increase by \u00a3693, or $850, per household.<\/p>\n<p>Meanwhile, the United Kingdom became a net energy importer in 2005 after abandoning natural gas production in the North Sea, according to Tomlinson. Sanctions placed on Russia have also limited the nation\u2019s <a href=\"https:\/\/c3newsmag.com\/rare-earth-minerals-outer-space\/\">access to metals<\/a> necessary for electric vehicle adoption, as well as the decarbonization of energy grids.<\/p>\n<p>\u201cWe\u2019re also seeing the return of Marxist unions holding the country to ransom, with national rail union strikes across the country canceling train and tube services everywhere, and tripling the prices of other means of transport as a result,\u201d Tomlinson added. \u201cSome of us are de facto locked down, working from home, because travel strikes and prices make work impossible in offices.\u201d<\/p>\n<p>Earlier this month, the World Bank <a href=\"https:\/\/www.dailywire.com\/news\/sharpest-slowdown-in-80-years-world-bank-releases-ominous-news-about-recession-risk\">slashed<\/a> its 2022 global economic growth forecast from 4.1% to 2.9%, largely due to elevated price levels.<\/p>\n<p>\u201cGlobal inflation is expected to moderate next year but it will likely remain above inflation targets in many economies,\u201d the international financial institution said. \u201cIf inflation remains elevated, a repeat of the resolution of the earlier stagflation episode could translate into a sharp global downturn along with financial crises in some emerging market and developing economies.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Though inflation is soaring in the United States, several key European economies are also witnessing record-high prices. Inflation in the European Union reached 8.1% as of May 2022, according to a data released last week by Eurostat, with the price of energy alone increasing nearly 40% year-over-year. Meanwhile, in the United States, the Consumer Price &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1526265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1526152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1526152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1526152"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1526152\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1526265"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1526152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1526152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1526152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}