Inflation RIPS Through Europe At Record New Highs
(TargetLiberty.org) – Inflation has become an incredible obstacle for American families. The cost of food, housing, clothing, medical care, and nearly every other necessity has increased. However, the US isn’t the only country grappling with the problem.
According to statistics released by Eurostat, inflation in Europe reached 8.1% in May, that’s a rise from April’s 7.4%. UK Prime Minister Boris Johnson, who survived a no-confidence vote in June, is facing criticism for not doing enough to bring it down. In fact, the PM has faced backlash for attempting to reduce the burden on businesses but not doing enough to help workers.
On Friday, June 24, leaders met in Brussels and agreed inflation is hurting the European Union’s collective economy. But the countries are still not unified in how they plan to solve the problem.
European Union leaders meeting in Brussels on Friday agreed on one big thing: the economy of the EU is suffering from raging inflation and signs of a recession.
But hey, don't let that ruin your weekend! https://t.co/1ZHAPa0vtc
— POLITICOEurope (@POLITICOEurope) June 24, 2022
According to POLITICO, European Council President Charles Michel said they plan to coordinate their responses. Irish Finance Minister Paschal Donohoe told the others at the meeting he was “confident” they could come to a “consensus on the appropriate fiscal policy” for the region.
In the United States, President Joe Biden is also facing trouble getting the problem under control. Many financial experts believe the country is headed for a recession.
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