The European Union is experiencing high inflation as energy prices skyrocket as a result of the Russia-Ukraine conflict. While tough sanctions against Moscow are aimed at strangling Russia's economy, the Eurozone, which includes Belgium, Germany, Greece, Spain, France, Italy, the Netherlands, Austria, Portugal, and Finland, is bracing for difficult times ahead.

The issue of price increases and energy supplies will dominate Thursday's monetary policy meeting of the European Central Bank's Governing Council in Frankfurt. In February, the Euro Area's annual inflation rate surpassed market expectations, rising to a record high of 5.8 percent from 5.1 percent in January. This was primarily due to the high cost of energy. Russia supplies more than 40% of Europe's total energy requirements.

In February of last year, inflation was 0.9 percent. The United States and the United Kingdom announced a ban on Russian oil on Wednesday. However, experts warned that such measures would have a detrimental effect on European countries as well.

Europeans, already struggling with rising living costs, now face an even greater blow to their livelihoods as the conflict in Ukraine drives up fuel and food prices, threatening to undermine a fragile economic recovery.  While European countries are now examining ways to reduce their reliance on Russia for energy, measures to increase renewables, biogas, and hydrogen production will take time to bear fruit.

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