Inflationary processes in Europe reached a high level not observed for several decades. The FT, whose translation of the article was published by InoSMI, also writes that rising prices in the Baltic countries – Estonia, Latvia and Lithuania – have become an even more serious warning to the European Union (EU).
Officials of these countries fear that the Baltic states will become the first indicator of increasing price pressure across the EU in 2023. For example, inflation in Lithuania this year has reached an unbelievable double-digit rate of almost 20%. Against this background, agricultural residents of the south of the country began to tighten their belts. Lyme, which sells walk-in clothing, said people are increasingly spending less on purchases, wearing what they already have, and not going out to shop.
This is an alarming signal for other European countries where the inflationary burden may remain high in winter and spring in the face of rising energy prices. And if the Baltics have already experienced the first external shock, then other states of the region are still going through this stage.
I am Annabelle Sampson and I work for The News Dept as an author for their news department. My main focus is on economy news, but I also cover other topics such as business, finance, and current affairs. My writing has been featured in prominent publications such as The Wall Street Journal, Forbes Magazine, and the Financial Times. I have a passion for learning more about economic trends and understanding how they affect businesses of all sizes. To stay up to date with the latest developments in the field of economics, I make sure to keep track of reliable sources like Bloomberg News or Reuters. In addition to my writing work, I often provide consultation services related to economic matters for clients both large and small.