Inflation is running rampant in the UK, and the ordinary person’s money is going a lot less further than it usually would. But Brits aren’t the only ones dealing with a huge spike in the cost of goods, with parts of the EU in a considerably worse position than the UK.
Rising energy prices are the main driver of inflation across the UK and the EU.
Within the EU, the price of energy is predicted to have inflated to around 44 percent in March 2022, according to Eurostat.
The rise in costs is due to supply and demand on the global wholesale market, as well as the war in Ukraine.
Much of the EU is reliant on Russia for gas and oil exports – but the UK bucks this trend by supplying its own and importing from other countries.
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Of the EU superpowers Germany and France, the former is faring worse, with an inflation rate of 7.6 percent.
France is actually recording one of the lowest inflation rates in the EU, with a comparatively small inflation spike of 5.1 percent.
France has enacted measures to limit the amount bill payers fork out for energy costs, which will be reducing the country’s overall rate of inflation.