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cannondave t1_izqdcin wrote

>A lot of inflation is being caused by energy costs

And why is the energy cost suddenly so high? And why concentrated in Europe, at the same time?

Answer: A lot of inflation is being caused by energy costs. Electricity prices have increased across the EU. This is due to a combination of factors, but mostly high natural gas prices. In June, Russia cut deliveries of Natural gas by 75%, causing skyrocketing of energy prices in the EU. Russia did this as a response to the EU and US actions against Russia's attempt to gain control of Ukraine.

Luckily, not everyone loses. Because at the same time the EU stops buying energy from Russia, to cover for the energy loss, now the EU has to buy more energy from the US. It's very good news for the US - billions of dollars of business, while Russia loses billions of dollars.

So the next time are in the store and notice that €10 can now buy only half of the food it could a year ago, you might be angry and sad. But instead, be happy, because it's for a good cause - otherwise Ukraine would again have a regime which is Russia friendly. Unacceptable. We will gladly pay half our food to stop that from happening.

The bad news is, the prices will never come back down, but eventually, in around 10-15 years, the salaries will catch up to the new higher prices.