The war in Ukraine has accelerated inflation across Europe and the world, with prices for energy, materials and food surging at rates not seen for decades. It's causing sticker shock at the grocery store, gas pumps and construction sites.
ABC News foreign correspondent Tom Soufi Burridge is in Bucha, Ukraine, as Russia takes control of the Ukrainian port city of Mariupol after bombarding it for weeks.MILAN -- Edoardo Ronzoni inspects a construction site near Milan that he shut down in March as costs for materials skyrocketed. He can’t complete a half-built roundabout at an intersection known for fender-benders because asphalt, cast-iron pipes and concrete are too expensive — prices exacerbated by Russia's war in Ukraine.
Soaring oil and gas prices are the key driver of inflation in Europe, which is heavily reliant on Russian energy to generate electricity and power industry. Inflation is expected to hit nearly 7% this year in the 27-nation EU and is contributing to slowing growth forecasts. Economists are calling it a perfect storm, striking as countries unleashed spending to spur an economic rebound from the COVID-19 pandemic. Surging customer demand overwhelmed factories, ports and freight yards, with resulting shortages driving up prices.
In the Turkish capital, butcher Bayram Koza said he has seen a 20% drop in sales after prices nearly doubled, largely due to the cost of feed. That is making livestock breeding unprofitable, and many farmers are selling and moving to the city, he said. In Poland, bread prices are up 30%, sending shoppers to discount outlets. Bakers in Belgium are laying off workers, as prices for a loaf rise by 30 cents, to 2.70 euros .
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'I can’t see the light': War fuels surging prices in EuropeMILAN (AP) — Edoardo Ronzoni inspects a construction site near Milan that he shut down in March as costs for materials skyrocketed. He can’t complete a half-built roundabout at an intersection known for fender-benders because asphalt, cast-iron pipes and concrete are too expensive — prices exacerbated by Russia's war in Ukraine .
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'I can’t see the light': War fuels surging prices in EuropeRussia's war in Ukraine has accelerated inflation across Europe, with prices for energy, materials and food surging at rates not seen for decades.
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