European Economy , Faces Stagflation.
CNN reports Europe's economy came to a crawl in the first three months of 2022.
Inflation continues to soar and the effects of the war in Ukraine are beginning to take hold.
Preliminary data shows Europe's GDP grew merely 0.2% in the first quarter.
Meanwhile, in April, consumer price inflation skyrocketed by 7.5%.
The continent is experiencing its highest jump in prices for basic goods since the European Union began tracking such records 25 years ago.
Russia’s brutal war against Ukraine has driven up prices for energy and foodstuffs, disrupted supply chains and dealt a serious blow to consumer confidence.
, Statement from economists at Berenberg, via CNN.
As the most exposed major region globally, the eurozone has fallen into stagflation as a result.
, Statement from economists at Berenberg, via CNN.
Germany, Europe's largest economy, reported growth of 0.2%, though the pace was likely slowed by Russia's invasion of Ukraine.
The economic consequences of the war in Ukraine have had a growing impact on the short- term economic development since late February.
, Statement from the German statistics office, via CNN.
Experts say much of Europe now faces stagflation, .
A frightening combination of high inflation and weak economic growth.
France, the continent's second-largest economy completely stalled in the first quarter of 2022.
Per CNN, Italy has fared even worse, as its economy has shrunk by 0.2% so far this year.
Per CNN, Italy has fared even worse, as its economy has shrunk by 0.2% so far this year
