By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News, March 31, 2023
The euro area annual inflation is expected to be 6.9% in March 2023, down from 8.5% in February according to a flash estimate from Eurostat, the statistical office of the European Union. However, food prices remain high in Europe, slashing the purchasing power of middle and working classes.
Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highestannual rate in March (15.4%, compared with 15.0% in February), followed by non-energy industrial goods (6.6%, compared with 6.8% in February), services (5.0%, compared with 4.8% in February) and energy (-0.9%, compared with 13.7% in February).
Inflation peaked in October at 10.6 percent, after a year and a half of uninterrupted growth, accelerated by the war in Ukraine. The euro area annual inflation rate hit 9.2% in December.
Up to 31 December 2022, the euro area included Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. From January 2023 the euro area also includes Croatia.
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The European Union includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.
The social pact of European democracies is disintegrating before our eyes. More and more citizens are questioning the legal authority and legitimacy of European governments, their policies and the capitalist model. A short-term solution is to support modest families and those of the middle class, in order to avoid their financial bankruptcy. Next must come major economic and fiscal reform in the euro zone, whose 19 member states have the same currency but 19 different economies, 19 different budgets and 19 different tax systems.
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© Copyright 2023– Swann Collins, investor, writer and consultant in international affairs.
Eurasia Business News 