Brussels, January 17 (QNA) - Inflation in Europe may have peaked as the overall economic situation on the continent improves, European Commission Vice-President Valdis Dombrovskis said.
"Oil and gas prices have come down, the price cap imposed on Russian oil is working successfully, labor markets remain strong, inflation may have peaked," Dombrovskis said during a press conference in Brussels on Tuesday.
"There are signs of improvement of economic sentiment," he added.
European Economy Commissioner Paolo Gentiloni said on Monday that "the inflation rate declined markedly in December, with headline inflation appearing to have peaked, though this is not yet the case for core inflation."
Inflation rates spiked all over the world due to the COVID-19 pandemic and the Western sanctions on Russia which led to an increase in energy and food prices in Europe. (QNA)