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Global Economy

Eurogroup meeting: Concerns about record inflation

Concerns are growing in Brussels that inflation could hit a record 5% in December due to a tight energy market.

At the Eurogroup meeting in Brussels on Monday, the finance ministers of the EU countries promised further fiscal stimulus for the European economy and vigilance against sharp price increases.

“We expect current inflationary pressures to ease later this year. We expect this because we are seeing supply chains continue to improve in some areas of the economy. Also, the higher levels of savings that have played a role in pricing pressures over the past year has started to weaken gradually, which is expected to continue throughout the year,” said Eurogroup President Ireland’s Finance Minister Paschal Donohoe.

Europe’s finance ministers discussed the economic situation in the euro area in Brussels.

The euro zone is facing a slowdown in economic growth this year after 2021 has just begun to recover from the deep recession caused by the coronavirus pandemic.

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