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European inflation persists in cold winter
The article concludes that Europe has been facing a harsh winter since the 1970s due to energy crises resulting from the repercussions of the Russian-Ukrainian war, the fallout from the war with Iran, and the closure of the Strait of Hormuz. The European Union spent over 100 billion euros on energy imports this year without obtaining additional gas, leading to significantly higher fuel prices, a severe diesel shortage, and threats of scarcity—especially since half of Europe’s diesel supplies come from the United States. While the electricity system has fared better than gas, inflation has risen to levels above targets. Markets are increasingly expecting an increase in interest rates, with four more hikes anticipated in 2026. The trajectory of geopolitical tensions, the future of gas supplies, and the impact of a cold winter remain crucial factors shaping Europe’s energy crisis going forward.
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