The Citizens Of Paris March To Protest Inflation

Mahi K

Around the world, there’s been negative economic growth with rising costs of living. The UK and European markets have been hit the hardest.

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25 October

Thousands of people in Paris have taken to the streets to protest the soaring rising living costs that are detrimentally affecting them.

f you’ve read Roxy’s article on her learnings regarding inflation, you’ll know that we really hate inflation. To break it down for you though, in New Zealand, the inflation rate has gone up 7.3% in the last year (which is significantly more than previous quarters), and as people in New Zealand’s pay has not proportionally gone up by the same corresponding percentage, we have significantly less purchasing power for the same pay. Inflation isn’t a problem unique to New Zealand though, it’s currently a worldwide problem that you really should be keeping tabs on as we are nearing a time when we will be in full survival mode.

Though lower than the rest of Europe, inflation in France has surpassed 6% which has had a detrimental effect on the prices of staples such as meat and groceries. This volatility is largely attributable to concerns over economic growth, the current monetary policy tightening that we’re seeing from central banks, concern over the stability of politics, and the dynamic between energy strikes and the Russian/Ukrainian war.

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On Sunday the 16th of October, thousands of protestors flooded the streets of Paris to show their outrage with rising prices and unprecedentedly high costs of living and in an attempt to gain the attention of President Emmanuel Macron. This march was organised by left-wing opponents of Macron comprising of a coalition of left-wing parties, amidst an extremely and increasingly tense political atmosphere illustrated by a number of strikes at fuel and oil refineries, nuclear plants and now, various transport strikes planned too. The effect of the high costs of living have been compounded by the effects of worker strikes at oil refineries as they are fighting for higher wages in line with inflation, and in line with the surging profits of energy companies. Because of this, gas pumps across France have been left fully or partly dry, meaning that drivers have been forced to line up for HOURS at stations and drive to the next.

Amongst the protestors, notably, were the leader of hard-left party La France Insoumise, Jean-Luc Melenchon and 2022 Nobel Prize winner Annie Ernaux. Many believing that Macron’s leadership is hurling France into utter chaos, approximately 200,000 protestors marched in Paris with the protests remaining largely under control with the exception of a few bins on fire and doors being smashed.

Protestors demanded an investment into and emergency measures to be placed against high prices, including a freeze to offer relief on the costs of energy, any essential goods and greater taxation for windfall profits with protestors holding signs saying “Taxons Les Super Profits.” Politicians from different parties contend that this was a real show of unity, and that the people of France are enraged due to their inability to live a normal life with the same purchasing power that they previously had.

Whilst a significant problem across the world, citizens are sick of their lack of purchasing power and are calling for governments in power to put in place measures to alleviate the stresses of the soaring costs of living.

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