Food in the countries of the European Union has become 10.3 percent more expensive over the past year. According to recent figures from Eurostat, food prices are rising faster than overall inflation. Last year, food expenditures accounted for 12.5% of total consumer spending.
As a result, EU citizens are spending proportionally more on food than a year ago. Prices are rising across Europe, but France is experiencing the highest inflation since the mid-1990s. In May, consumer price inflation within the eurozone reached an average record of 8.1 percent, with peaks up to 20% in Estonia.
Although the European Central Bank (ECB) has already decided to raise interest rates to combat inflation, the latest forecasts suggest prices will continue to rise for the rest of the year. Higher food bills are already influencing the shopping choices of families throughout Europe.
Worldwide, the effects of the war in Ukraine and rising fuel prices are causing growing concerns over food security. And although Europe does not face food shortages, consumers are beginning to change their shopping habits.
The by far largest price increases over the past year were seen “in oils and fats” (+27.8%), followed by “cereals and bread” (+10.0%) and “milk, cheese, and eggs” (+11.6%). “Meat” (+11.4%) and “fruit” (+4.3%) were the other indicators.
Among selected agricultural products, Eurostat again recorded the largest price increases for grains. Barley (+77%), flour (+76%) and durum wheat (+71%) led the way. Price increases were also high for dairy products such as butter (+72%) and skimmed milk powder (+57%).
Beef and chicken prices have risen by approximately 30% over the past year. The lowest increases were for pork (+17%) and sugar (+12%).