The European Union faces a risk of consumer prices surging and growth slowing due to disruptions to shipping through the Red Sea, though it has yet to feel an economic impact, a top EU official said on Tuesday. European Commission Vice President Valdis Dombrovskis, who oversees the 27-nation bloc’s economy, said shipping traffic through the Red Sea had decreased by 22% in one month in the face of attacks by Yemen’s Iran-aligned Houthis.
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