Consumers and businesses face an energy shock in the wake of the Russian invasion of Ukraine. Photograph: Getty
The volatile situation could also have a wider impact on growth and the European economy, hitting confidence and investment, though all now depends on how the situation in Ukraine plays out. Having just come through the unprecedented economic storm of the pandemic, another wave of uncertainty is now hitting. Forecasting the impact with any accuracy is impossible. But the cost of living squeeze looks like it is about to get worse.
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