The International Monetary Fund expects the cost of living in Europe to rise due to the energy crisis

Washington (ST): The International Monetary Fund expects that the energy crisis will cause the cost of living in European countries to rise by 7 percent this year and 9 percent in the future.

According to the International Monetary Report, quoted by TASS, “the rise in fuel prices represents a major disruption to the supply side of European companies, especially those that consume a lot of energy in their manufacturing activities,” noting that “high energy prices will lead to a 7 percent increase in living expenses in 2022. and 9 percent in 2023 compared to 2021.

The report pointed out that many European companies have already restricted or plan to restrict the release of goods in sectors such as fertilizers, glass, steel and aluminum, explaining that the import of natural gas from Russia has practically stopped, plunging the continent into an energy crisis.

K.Q.