These trends have fuelled hopes that Europe may be able to avoid the worst-case scenario of massive gas shortages, rationing, and industrial shutdowns in the coming months. Natural gas prices have retreated from their peaks in August, gas storages are almost completely filled, and autumn temperatures have been milder than normal. In the past few weeks, there has been a string of good news on the energy front for Europe. The economic downturn may, however, be less severe than suggested by recent forecasts. Against the backdrop of high inflation and rapidly tightening monetary policy, many analysts are expecting European economies to suffer a recession over the winter. Both the European Central Bank and the Bank of England delivered jumbo-sized rate hikes of 75 basis points in November 2022, coming on top of increases earlier in the year, while hinting at further increases in the coming months. High and persistent inflation is eroding the purchasing power of households and driving up the production costs of firms, while also adding pressure on central banks to hike interest rates further. Core inflation – excluding energy, food, alcohol, and tobacco – also accelerated, reaching 6 per cent. The cost of energy remained the biggest driver of overall inflation, with energy prices rising by 38.7 per cent from a year ago. In October 2022, year-on-year consumer price inflation in the European Union climbed to a record high of 11.5 per cent. As high energy prices are increasingly feeding through to other sectors of the economy, inflationary pressures have become more broad-based. Governments, households, and firms are grappling with the energy and cost-of-living crisis that was aggravated by the war in Ukraine. Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.PDF document available at: Energy crisis poses threat to Europe’s industrial sectorĮurope is facing a difficult and uncertain economic outlook. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Standard Digital includes access to a wealth of global news, analysis and expert opinion. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
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