According to the agency, Brussels now believes that price increases will average 8.5% this year and 6.1% in 2023.
“In an environment of increased uncertainty, high energy prices, declining purchasing power of the population… and tightening financing conditions, the EU, the eurozone and most member economies are expected to fall into recession… Increased price pressures will shift the peak of inflation to the end of the year,” quotes an excerpt from the report of the European Commission InoTV.
At the same time, the largest economy in the region - Germany - will suffer more than the rest of the eurozone, the material says.
Earlier, the European Commission downgraded its eurozone economic growth forecast for next year to 0.3%.
In July, the forecast was 1.4%.