After the start of the war in Ukraine, energy prices skyrocketed like never before, and when sanctions were imposed on Russia, things got even worse. All Europeans remember this very well because it was the starting gun for rampant inflation. It's true that inflationary pressures were already visible before then, but the war was the trigger.
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Today, as we approach the end of 2025, energy prices are returning to 2018 or 2019 levels, as can be seen with gas trading at around 30 Euros per megawatt-hour. However, overall prices haven't fallen; they continue to rise, albeit at a slower pace. But the worst aspect of inflation in Europe is food, which continues to rise in price. It's clear that the energy crisis isn't the reason for the price increases, but merely the excuse used by market players to manipulate prices.
In the case of food, the increasingly absurd policies of the European Commission also have an impact, as they only serve to reduce the supply on the market. Fish is a clear example of this. The seas may survive, but only a privileged few Europeans will be able to eat fish.
This leads to second-generation inflation caused by rising wages due to first-generation inflation. If this isn't addressed, the population will have access to fewer and fewer products and services. I don't mean to be pessimistic, but this is starting to look a lot like the 1940s.
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