BRUSSELS—European Union finance ministers will on Monday discuss a surge in consumer prices, its impact on wages, and changes they would like made to the bloc’s budget rules to support investment and reduce debt. Inflation rose 4.1 percent year-on-year last month in the 19 countries sharing the euro, up from 3.4 percent in September. Ministers are starting to worry that the rise might fuel stronger wage growth, creating an inflationary spiral. “We always expected inflation numbers to pick up this year, but this has been faster than expected and we see levels we have not seen for a long time,” a senior EU official involved in the meeting said. “The 4.1 percent should generate a discussion.” The October surge was mainly driven by a 23.5 percent jump in energy prices, which would eventually fall again, though probably not to the levels before the COVID-19 pandemic, the official said. “We should …
EU Ministers to Discuss Inflation Surge, EU Budget Rule Reform
November 8, 2021
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