Our live online debate on inflation and cost of living helps Europeans understand why prices are rising and what we can expect in the future. Learn how inflation is impacting consumers in addition to what policymakers can do to help.
ADVERTISEMENTThe 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.
You can watch back our cost of living debate in the video player above.
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 hosted an online debate on 28 July at 11:00 am concerning the cost of living crisis and rising inflation.
Euronews was joined by lawmakers, experts, and civil society to talk about the impact of rising prices on consumers.
Panellists
Here's a look at the panellists who joined 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.
ADVERTISEMENTVicky 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.