In a recent interview, former United States treasury secretary Larry Summers said that Brexit will be remembered as a “historic economic error” which could have not only damaged the United Kingdom’s economy but helped increase the country’s inflation.

‘Historic economic error’: Former US treasury secretary Larry Summers about Brexit; Eurozone inflation falls

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.

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

The ongoing Russia-Ukraine war has drastically impacted Europe's energy supply after Russia's Gazprom stopped exporting natural gas to Poland and Bulgaria. Inflation is at a record high of 7.5 % in 19 Euro countries

Russia-Ukraine conflict: Euro zone inflation rises to 7.5%

Eurozone inflation dropped sharply to 1.2 per cent in May, data showed on Tuesday, raising the spectre of a global economic slowdown. Analysts surveyed by data company Factset had predicted a more modest drop in inflation to 1.