European economy sputters as war drives inflation higher
CNN
The European economy slowed in the first three months of the year due to a combination of soaring inflation and early fallout from the war in Ukraine.
Preliminary first quarter data published Friday showed GDP grew by 0.2% across the 19 countries that use the euro, over the previous quarter. That was weaker than the 0.3% growth recorded in the final three months of 2021.
Consumer price inflation, meanwhile, rose to 7.5% in April — the highest since the European Union began keeping records 25 years ago. Rising costs for energy and food were largely to blame.
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