Tallinn. Archival photoMOSCOW, 21 May. The largest increase in consumer prices in the EU is observed in the Baltic countries and Eastern Europe due to their energy dependence on Russia, the Financial Times newspaper writes. The authors of the publication noted that a third of the EU member states faced double-digit inflation. Estonia suffers the most, where consumer prices rose by almost 19 percent in a year. In Lithuania, this figure reached 16.8 percent, in Bulgaria — 14.4 percent, in the Czech Republic — 14.2 percent, in Romania — 13.8 percent, in Latvia — 13 percent, in Poland — 12.4 percent. For many Europeans, the following principle works: the closer they are to Russia, the faster their cost of living rises,” the article says. As economist Anna Titareva noted, the fall in income in the eurozone is associated with a sharp increase in energy prices.
The Czech Republic justified high inflation by not having a «special» relationship with Russia»However, their high inflation also reflects recent more dynamic economic growth and shrinking labor markets,» writes the FT.Pri Meanwhile, the highest inflation rate in Europe is in Turkey at 70 percent due to the collapse of the lira.Siluanov warned G20 about the consequences of rising energy prices The measures mainly affected the financial sector and the supply of high-tech products, but calls to reduce dependence on Russian energy resources began to sound louder in Europe, and many brands announced their withdrawal from Russia. The Kremlin called these restrictions an economic war, but noted the readiness for such a development of events. The Bank of Russia takes measures to stabilize the situation on the foreign exchange market; payments for gas supplies to unfriendly countries were transferred to rubles. The government also prepared a plan to counter restrictive measures, which includes about a hundred initiatives. The volume of its funding will be about a trillion rubles.
