BAKU, Azerbaijan, November 12. Inflation rate in 2022 is expected at 9.3 percent in the EU, and 8.5 percent - in the euro zone, Trend reports via the European Commission.
“Higher-than-expected inflation readings throughout the first ten months of 2022 and broadening price pressures are expected to have moved the inflation peak to year-end and to have lifted the yearly inflation rate projection,” the report said.
As the commission forecasts, inflation is projected to decline in 2023, but to remain high at 7 percent in the EU, and 6.1 percent - in the euro zone.
At the same time, inflation is expected to moderate in 2024 to 3 percent in the EU, and 2.6 percent - in the euro area.
“Compared to the Summer Interim Forecast, this represents an upward revision of nearly one percentage point for 2022 and more than two points in 2023. The revisions mostly reflect significantly higher wholesale gas and electricity prices, which exert pressure on retail energy prices as well as on most goods and services in the consumption basket,” the report added.
Meanwhile, the GDP growth in 2022 will reach 3.3 percent in the EU, and 3.2 percent - in the euro zone. As for 2023 forecast, the economic growth in the EU and euro zone in 2023 is expected at 0.3 percent, before gradually recovering by 2024, averaging 1.6 percent in the EU, and 1.5 percent - in the euro zone.
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