European economy sputters as war drives inflation higher
CNN
The European economy slowed in the first three months of the year due to a combination of soaring inflation and early fallout from the war in Ukraine.
Preliminary first quarter data published Friday showed GDP grew by 0.2% across the 19 countries that use the euro, over the previous quarter. That was weaker than the 0.3% growth recorded in the final three months of 2021.
Consumer price inflation, meanwhile, rose to 7.5% in April — the highest since the European Union began keeping records 25 years ago. Rising costs for energy and food were largely to blame.
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The CEO of a plant in Georgia that makes a special peanut butter paste for severely malnourished children around the world told CNN Sunday that his company’s contracts with the US Agency for International Development that had been abruptly canceled last week were all reinstated late Sunday night.
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