The decrease in euro-zone retail sales in March is the first indication from official data that the war in Ukraine is weighing on consumption. With the final PMI surveys pointing to price pressures intensifying and firms remaining pessimistic, we think 2022 will be a year of stagflation for the euro-zone.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.