‘Energy prices are increasing across Europe,’ says an economist, quickly putting an end to the Remoaner uproar.
Remoaner assertions that rising energy prices are making Britain more vulnerable to Brexit have been debunked by an economics fellow at the Institute of Economic Affairs (IEA), who stated that it is simply “not true.”
“Energy costs are skyrocketing across Europe,” according to Julian Jessop, a self-described “Brexit optimist,” as “front-month Dutch and UK gas futures both surged over 25% today and are at similar levels too.”
He also shared a graph indicating that the energy price components of Italy’s, France’s, and Germany’s Consumer Price Indices (CPIs) all increased in September compared to August.
“September data not yet available for the UK, Canada, or the United States, and UK CPI in particular will climb in October,” Mr Jessop added, “but it is not true that ‘Brexit Britain’ has been affected significantly harder by rising prices than others.”
German gas costs have risen from €50 per megawatt hour at the start of the year to roughly €250, according to Bloomberg’s latest estimates.
“Europe’s gas stockpiles are at their lowest seasonal level in almost a decade, with domestic supply lagging behind demand,” the report added.
Since April, global natural gas prices have been steadily climbing as economies recover from the coronavirus outbreak.
Late in August, Germany’s Federal Statistical Office stated that the country’s CPI had increased by 3.9 percent year on year, while it had increased by over 2.7 percent in Belgium.
According to the Office for National Statistics, the UK’s CPI increased by 3.2 percent in August, owing largely to the coronavirus outbreak.
According to CPI data released by Spain’s National Statistics Institute (INE) last Wednesday, the country’s inflation rate has risen to 4% per year.
Consumer prices have risen at a faster rate than in August of last year, reaching a level not seen since September 2008.
The INE noted in a report that rising power prices – and to a lesser extent, higher package holiday prices, fuel and lubricants for vehicles – were having the largest impact on inflation.
As the energy crisis worsens, a growing number of people are suggesting that the UK’s exit from the Internal Energy Market is to blame (IEM).
European leaders have also tried to blame Brexit, including German SDP leader Olaf Scholz and EU chief Brexit negotiator and French presidential candidate Michel Barnier, who. “Brinkwire Summary News”.