Debate: What Europe’s cost of living crisis means and how we got here

·3-min read
Debate: What Europe’s cost of living crisis means and how we got here

The price of a kilogram of bread in France has risen 16 cents in a year and a half. Diesel is up 78 cents per litre. And the list goes on.

Across Europe, prices are rising significantly, driven up by high energy and food costs.

In the eurozone, inflation reached a record high of 8.6% last month. That is more than four times the 2% target set by the European Central Bank. Energy prices were up nearly 42% while unprocessed food was up 11.1%.

The European Commission's latest economic forecast also gave a negative view of what is coming. They predict that inflation will remain high throughout 2022 and 2023 -- dropping only to 4% in the eurozone next year.

The high prices have prompted the European Central Bank to raise interest rates for the first time in 11 years.

"Economic activity is slowing. Russia’s unjustified aggression towards Ukraine is an ongoing drag on growth," ECB chief Christine Lagarde said.

“The impact of high inflation on purchasing power, continuous supply constraints and higher uncertainty are having a dampening effect on the economy.

"Taken together, these factors are significantly clouding the outlook for the second half of 2022 and beyond."

European Commissioner Paolo Gentiloni told Euronews earlier this month that "we are already in, so to say, troubled waters."

Gentiloni said that the EU needed to prepare for the worst, including energy storage for winter, diversifying where Europe gets its energy from, and helping vulnerable households to manage the high inflation.

To break it all down, Euronews will host an online debate on 28 July at 11:00 am on YouTube concerning the cost of living crisis and rising inflation.

You can watch the debate live in the video player above on 28 July.

We will look at what the rising cost of living means and how it is impacting our lives. Euronews will be joined by lawmakers, experts, and industry professionals to talk about the impact of rising prices on consumers.

Panellists

Here's a look at the panellists who will join the debate moderated by Euronews' Europe correspondent Shona Murray.

Monique Goyens

Goyens is the Director-General of The European Consumer Organisation (BEUC). She represents 46 independent national consumer associations in 32 European countries to make sure that consumer interests are taken into account in policies.

Michiel Hoogeveen

Hoogeveen is a Dutch member of the European Parliament from the European Conservatives and Reformists Group. He is vice-chair of the Committee on Economic and Monetary Affairs.

Colm Markey

Markey is an Irish member of the European Parliament from the European People's Party. He is a member of the Committee on Agriculture and Rural Development.

Kevin Mountford

Mountford is an experienced financial services professional and the co-founder of Raisin UK, a marketplace that connects consumers and institutions to banks with top savings rates.

Vicky Pryce

Pryce is Chief Economic Adviser at the Centre for Economics and Business Research as well as a board member. She is the former Joint Head of the UK Government Economics Service and author of a number of books including Women vs. Capitalism: Why We Can't Have It All in a Free Market Economy.

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