Screwed..

 

 Preliminary data from Europe's statistics office showed headline inflation came in at an annual 10.7% this month. This represents the highest ever monthly reading since the euro zone's formation. The 19-member bloc has faced higher prices, particularly on energy and food, for the past 12 months. But the increases have been accentuated by Russia's invasion of Ukraine in late February.

This proved to be the case once again, with energy costs expected to have had the highest annual rise in October, at 41.9% from 40.7% in September. Food, alcohol and tobacco prices also climbed in the same period, jumping 13.1% from 11.8% in the previous month. 

In Italy, inflation came at 12.8% year on year. Germany 11.6%,  France 7.1%, more than 20% Estonia, Latvia and Lithuania. That reflect the level of dependency their nations have, or had, on Russian hydrocarbons.

Sanctions on Russia delivered a knockout to the EU economies which will last for the coming three years. Just a thought.