MEDITERRANEAN. Growth linked to a strong recovery in consumption, disorganization of the logistics chain, shortage of raw materials… inflation is getting out of hand in Mediterranean countries. In Europe, Eurostat unveiled on November 30 rates that have not been seen for thirty years. The euro zone is seeing inflation increase on average by 4.9% over one year (November 2020 to November 2021), with an impressive + 27% for energy. A peak? Rather a plateau, according to economists, for whom the overheating will last several months. The International Monetary Fund and the World Bank estimate that the situation should return to normal by mid-2022.

The countries of southern Europe are doing quite well compared to their northern neighbors, which almost all exceed 6.5% inflation.
Spain, on the other hand, shows a worrying 5.6%. The streets are starting to rumble in a country where the minimum wage has increased by 1.6% (950 €) while meat has increased by 7%, oil by 26% and electricity by almost 63%.

France and Italy limited the breakage to + 3.4% and + 4%. Portugal (+ 1.8%), Malta (+ 1.4%) and even Greece (+ 2.8%) show good results.

To the east of the Mediterranean, Turkey (+ 20%) and Lebanon (+ 173%) pay a heavy price for the errors of economic policy of their governments. Egypt has not reached such highs but remains overheated (+ 8%).

In the Maghreb, Algeria is close to 6% inflation in 2021 due to the rise in commodity prices and the depreciation of the dinar. The Central Bank of Tunisia forecasts 5.6% and Morocco 1% to 1.5%.