The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts. The 19 countries which recognise Euro as their currency grew by just 10 per cent after a 10.6 per cent rise in October.

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Most experts said that the inflation is expected to be somewhere around 10.4 per cent but the fall in inflation has given rise to hope among the economies that the prices can stabilise before the new year.

The inflation was directly related to the energy and food crisis created by the Covid-19 pandemic and the ongoing Russia-Ukraine conflict. While the assurance of price caps on oil and energy has somewhat resulted in the slowdown, the food price inflation continues to be a major concern.

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The other issue with both food and energy prices is the extreme volatility experienced in the global market. While the European Central Bank has already raised interest rates on multiple occasions, more such measures are expected in the near future to keep the inflation rate steady.

This was the first time that the inflation rate came down to 10 per cent in well over a year and it has become a headache for governments. Without food and fuel costs, the inflation has actually gone up slightly from 6.4 per cent to 6.6 per cent – a trend that contradicted with most predictions.

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The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts.

The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts. The 19 countries which recognise Euro as their currency grew by just 10 per cent after a 10.6 per cent rise in October. Also read | China booted from UK nuclear project after Sunak's 'golden era over' statement Most experts said that the inflation is expected to be somewhere around 10.4 per cent but the fall in inflation has given rise to hope among the economies that the prices can stabilise before the new year. The inflation was directly related to the energy and food crisis created by the Covid-19 pandemic and the ongoing Russia-Ukraine conflict. While the assurance of price caps on oil and energy has somewhat resulted in the slowdown, the food price inflation continues to be a major concern. Also read | Europe's import of Russian LNG jumps 42% amid Russia-Ukraine war: Report The other issue with both food and energy prices is the extreme volatility experienced in the global market. While the European Central Bank has already raised interest rates on multiple occasions, more such measures are expected in the near future to keep the inflation rate steady. This was the first time that the inflation rate came down to 10 per cent in well over a year and it has become a headache for governments. Without food and fuel costs, the inflation has actually gone up slightly from 6.4 per cent to 6.6 per cent – a trend that contradicted with most predictions.

Eurozone inflation slows to 10 per cent in November but rate rises expected

European business confidence has hit rock bottom, with a third of the region’s biggest industrial companies expecting to stop or scale back operations in the bloc because of record energy prices and slowing demand.

World Business Watch | European business confidence lowest since start of pandemic

Gazprom said on Tuesday (November 22) that it may cut gas transit flows via Ukraine, which is the only remaining route for exports to western European markets, from next week.&nbsp;

The Russian energy giant claimed that Ukraine was diverting natural gas supplies transiting to Moldova. The company threatened to curtail deliveries in response.&nbsp;

In a statement, the Saint Petersburg-based company said: "The volume of gas supplied by Gazprom... for transit to Moldova via Ukraine is more than the physical volume transmitted at the border of Ukraine with Moldova."&nbsp;

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Amid the ongoing Russia-Ukraine war, Europe is facing a massive energy crisis, and the situation could worsen as the winter season approaches with shortages of oil, gas and food.&nbsp;

Gazprom claimed that Ukraine obstructed about 52.52 million cubic metres from being delivered to Moldova. The threat to cut supplies will be the latest blow to Europe's alarming supply crunch.&nbsp;

The company said: "If the transit imbalance through Ukraine for Moldovan consumers persists, on November 28, from 10:00, Gazprom will begin reducing gas supply".&nbsp;

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Russia has restricted consignments to Europe in the aftermath of Western sanctions over the Ukraine war, and the threats by Gazprom could emerge as the latest point of tension over energy deliveries between the West and Moscow.&nbsp;

This comes after the World Health Organization (WHO) warned that millions of lives are at risk in Ukraine this winter. The world health body said that because of the damaged/destroyed infrastructure, around 10 million people are left without power.&nbsp;

WATCH |&nbsp;Who profits from the Ukraine war? South Korea increases arms sales to a record high&nbsp;

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Meanwhile, Moldova has warned its people to be prepared for difficult situations in winter. The nation is facing an "acute" energy crisis.&nbsp;

President Maia Sandu told delegates in a speech: "This war is endangering the supply of electricity and gas. We are not certain we can find enough ... to heat and light our homes, and even if we do, the prices are unaffordable for our people and economy. This could jeopardise our social peace and security."&nbsp;

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Gazprom said on Tuesday (November 22) that it may cut gas transit flows via Ukraine, which is the only remaining route for exports to western European markets, from next week.

Gazprom said on Tuesday (November 22) that it may cut gas transit flows via Ukraine, which is the only remaining route for exports to western European markets, from next week. The Russian energy giant claimed that Ukraine was diverting natural gas supplies transiting to Moldova. The company threatened to curtail deliveries in response. In a statement, the Saint Petersburg-based company said: "The volume of gas supplied by Gazprom... for transit to Moldova via Ukraine is more than the physical volume transmitted at the border of Ukraine with Moldova." ALSO READ | Russia ‘not aiming to change Ukraine regime’, says Kremlin spokesperson Amid the ongoing Russia-Ukraine war, Europe is facing a massive energy crisis, and the situation could worsen as the winter season approaches with shortages of oil, gas and food. Gazprom claimed that Ukraine obstructed about 52.52 million cubic metres from being delivered to Moldova. The threat to cut supplies will be the latest blow to Europe's alarming supply crunch. The company said: "If the transit imbalance through Ukraine for Moldovan consumers persists, on November 28, from 10:00, Gazprom will begin reducing gas supply". ALSO READ | Ukraine to protest Orban wearing scarf showing Ukraine territory as Hungary's Russia has restricted consignments to Europe in the aftermath of Western sanctions over the Ukraine war, and the threats by Gazprom could emerge as the latest point of tension over energy deliveries between the West and Moscow. This comes after the World Health Organization (WHO) warned that millions of lives are at risk in Ukraine this winter. The world health body said that because of the damaged/destroyed infrastructure, around 10 million people are left without power. WATCH | Who profits from the Ukraine war? South Korea increases arms sales to a record high × Meanwhile, Moldova has warned its people to be prepared for difficult situations in winter. The nation is facing an "acute" energy crisis. President Maia Sandu told delegates in a speech: "This war is endangering the supply of electricity and gas. We are not certain we can find enough ... to heat and light our homes, and even if we do, the prices are unaffordable for our people and economy. This could jeopardise our social peace and security." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Gazprom threatens to cut gas to Europe, claims Ukraine diverting Moldova gas supplies