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Galloping inflation and fuel prices are affecting



Reading time: 2 minutes

In Europe, stock market indices fell yesterday to an all-time low of the last three months. There are also losses in the Asian markets and, especially, on Wall Street. The situation is caused by the economic and financial uncertainty triggered by Russia’s aggression in Ukraine: everywhere, inflation is rampant, as well as the increase in oil prices, TVR notes.

Financial markets will not calm down too soon, experts warn.

Europeans, in addition to their problems, also feel because of the economic and financial situation overseas. In the United States, there have been historic declines on Wall Street, and prices have simply exploded.

Inflation is higher than ever in the last 40 years. In the oil markets, prices have fallen slightly, by about a percentage, but consumers do not feel.

Arthur Brunner, head of a financial consulting firm: There is an oligopoly in the petroleum products market, which means that there are only a few sellers who share their market with each other.

Although taxes have dropped, the price of pumps is rising

Fuel prices are rising, including in countries where measures have been taken to support the population.

The German Minister of Economy has unleashed himself on the big oil companies. Although taxes on oil products have fallen since June 1, pump prices continue to rise.

Robert Habeck, Germany’s economy minister: What was supposed to be a help to citizens and consumers is in the pockets of big oil companies. People are outraged because such a thing is not right.

Cryptocurrencies are falling sharply

It is also a crisis of proportions on the cryptocurrency market. Bitcoin, the flagship cryptocurrency, has lost 10 percent of its value and all other cryptocurrencies have automatically fallen. The so-called crypto winter – the period in which they are declining sharply and continuously – has made at least $ 150 billion disappear from the digital currency market in less than 72 hours.