Cost of living soars in EU, while wages remain stagnant
Jerome Hughes
Press TV, Brussels
The European Central Bank has outlined huge uncertainties surrounding the eurozone economy against the backdrop of the raging conflict in Ukraine.
The cost of living in the European Union continues to climb amid turbulence in the energy market and growing energy prices.
Millions of EU citizens are starting to feel the pinch. Inflation in the 19-country eurozone is currently at 7.5%. The European Central Bank, ECB, wants inflation to be at just below 2%. It means the cost of living is out of control.
On Thursday, the ECB said energy prices have increased by 45% in the past twelve months. Business and consumer confidence has fallen through the floor due to the conflict in Ukraine and sanctions against Russia. There are major supply issues.
The cost of living is rising but wages are not, according to the ECB. We have been speaking to EU citizens.
The next update from the European Central Bank is scheduled to take place on June 9.
How bad could things possibly deteriorate for EU citizens between now and then? To quote the head of the bank, Christine Lagarde, "who knows?".
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