The energy crisis, which was exacerbated after Russia’s invasion of Ukraine in early 2022, has resulted in a sharp rise of inflation, which has led to the drastic increase in interest rates by the Central Bank, said Harris Saridis, Director of Business Development & Relationship Management, ETHNIKI FACTORS SINGLE MEMBER S.A., Greece in his article included in the most recent edition of the World Factoring Yearbook. Although the rise in inflation was in most cases driven by negative supply shocks, in particular higher energy costs due to the war in Ukraine, its direct impact cannot be easily countered by monetary policy.
