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MNI BRIEF: Higher Inflation, Slower Growth In EC Forecasts

(MNI) London
(MNI) London

Brussels cuts growth outlook for 2023, ups inflation forecast for 2022 and 2023

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The European Commission has revised its inflation forecasts for 2022 and 2023 higher and its growth outlook for next year lower, as the war in Ukraine and global supply chain issues continue to weigh on the economy.

Inflation is now seen at 7.6% in the eurozone (8.3% for the EU) in 2022, easing to 4.0% and 4.6% respectively in 2023. For the euro area, that compares to forecasts of 6.1% for 2022 and 2.1% for 2023 in the Spring forecasts.

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The European Commission has revised its inflation forecasts for 2022 and 2023 higher and its growth outlook for next year lower, as the war in Ukraine and global supply chain issues continue to weigh on the economy.

Inflation is now seen at 7.6% in the eurozone (8.3% for the EU) in 2022, easing to 4.0% and 4.6% respectively in 2023. For the euro area, that compares to forecasts of 6.1% for 2022 and 2.1% for 2023 in the Spring forecasts.

Keep reading...Show less