'I can’t see the light': War fuels surging prices in Europe

Russia's war in Ukraine has accelerated inflation across Europe, with prices for energy, materials and food surging at rates not seen for decades

MILAN -- Edoardo Ronzoni inspects a construction site near Milan that he shut down in March as costs for materials skyrocketed. He can’t complete a half-built roundabout at an intersection known for fender-benders because asphalt, cast-iron pipes and concrete are too expensive — prices exacerbated by Russia's war in Ukraine.

Public works projects in Italy are grinding to a halt just as the European Union is injecting 108 billion euros ($114 billion) in pandemic recovery money meant to launch a construction frenzy.

Ronzoni laments that his company has already lost its three busiest months and expects the worst is ahead: “We fear we won’t be able to work this year. We are closing all of our sites.’’

The war has accelerated inflation across Europe and the world, with prices for energy, materials and food surging at rates not seen for decades. It's causing sticker shock at the grocery store, gas pumps, electricity bills and construction sites.