EU forecasts high inflation and lower growth as Russia’s war ‘casts long shadow’

The euro sculpture in front of the former European Central Bank in Frankfurt, Germany (Michael Probst/AP)

Russia’s war in Ukraine is expected to wreak havoc with the European Union’s economic recovery for the foreseeable future with lower annual growth and record-high inflation, the bloc’s economic forecast shows.

The summer figures for the 19-nation eurozone set inflation to reach an average of 7.6% this year, a major increase from its earlier expectation of 6.1%.