If and when inflation will come down in Europe depends on the economic policies we put in place in the EU. This is why the transition towards a climate-neutral economy has to be social and just to benefit those suffering from inflation and higher prices. A green and social European Union will create quality green jobs, economic stability and can alleviate the pressure of inflation.
The reason why we have such high inflation is that energy and food companies have taken advantage of the crisis and have raised their prices and generated unprecedented profits.
Vulnerable people are hit hard by the acute social crisis that threatens our purchasing power and limits our access to basic goods. The EU finally needs to prioritise ending poverty and boosting social protection. This includes providing decent minimum income and robust public services. Public funding should be available for those complying to the highest social standards.
Ultimately, a green and social European Union has to commit to inclusive policies, environmental sustainability, and quality jobs to address both the economic and social dimensions of inflation, fostering a socially just Europe.
Keywords: inflation, cost of living, prices, price of goods, fuel bills