Russia’s war to keep hitting EU economy, push up inflation

By RAF CASERT
Associated Press

BRUSSELS (AP) — European Union expects Russia’s war in Ukraine to wreak havoc with the economic recovery for the foreseeable future through lower annual growth and record-high inflation. The EU said Thursday that summer figures for the 19-nation eurozone predict inflation reaching an average of 7.6% this year, a major increase from its May expectation of 6.1%. Expectations for economic growth slid by 0.1 point to 2.6% for the year, a big drop from last year’s expansion of 5.3%. The war has led to surging energy and food prices that are driving a galloping inflation rate and weighing on economic growth and consumer confidence.