The situation is arguably even more dire on continental Europe. The annual inflation rate in the European Union is now at its highest in decades \u2014 10.9 percent in September, up from 3.6 a year earlier.<\/p>\n
That is worse even than in the United States or Britain, and it is being driven largely by the bloc\u2019s unique and anguishing withdrawal pains as it tries to punish Russia\u2019s president, Vladimir V. Putin, for his invasion of Ukraine by quitting its long dependence on cheap Russian gas.<\/p>\n
As winter approaches, Europe\u2019s united turn away from Russian energy is beginning to bite in households everywhere, eroding living standards and in some countries threatening to chip away at the united front for sanctions against Russia.<\/p>\n
Mario Draghi, the departing prime minister of Italy and an architect of the continent\u2019s united line against Russia, warned as much would happen if Europe failed to reach a deal to cap prices on the alternative gas imports.<\/p>\n
Read it all<\/a>.<\/p>\n The downfall of Prime Minister Liz Truss of Britain, who resigned on Thursday, sent a clear signal that political peril awaits those who fail to address inflation and the erosion of living standards. https:\/\/t.co\/BDd6fWDdlk<\/a><\/p>\n — The New York Times (@nytimes) October 21, 2022<\/a><\/p><\/blockquote>\n \n