Russia's war in Ukraine has accelerated inflation across Europe, with prices for energy, materials and food surging at rates not seen for decades.
Inflation is running especially hot in central and Eastern European countries nearest the battlefields of Ukraine. Prices in April rose 14.2% in the Czech Republic, 12.3% in Poland and 10.8% in Greece. They're an eye-popping 61% in Turkey, which saw itsShop workers from Warsaw to Istanbul say customers are cutting back, buying lower-priced items, giving up on niceties like fresh-cut flowers and items they can delay, like new clothes.
in the island's main town as cooking oil prices quadrupled. Plus, cooking gas and electricity bills are three times higher."I could lower the quality and use the oil more, but I refuse to do it. We want customers to return and expect the same quality,” Parasos said. In Spain, truckers have gotten some relief on diesel prices thanks to government emergency measures, including a small rebate and permission to pass along higher fuel costs to customers.
As a result, average new car prices in Europe are expected to rise $500 to $2,000 this year, according to Nishant Mishra, associate director of investment research at Acuity Knowledge Partners.
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