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20 Sep, 2022 08:46

EU bread prices soaring

The food staple saw an average year-on-year surge of 18%, Eurostat reports
EU bread prices soaring

Household food bills across the EU have been rising dramatically in recent months, as galloping inflation keeps fueling the prices for important staple foods, with bread now costing more than ever.

In August, the price of bread in the bloc was on average 18% higher compared to the same period a year ago, according to data released by the EU’s statistical office Eurostat on Monday. 

“This is a huge increase compared with August 2021, when the price of bread was on average 3% higher than in August 2020,” Eurostat said.

The highest increases were recorded in Hungary, where they soared by 66%. Bread prices in Lithuania saw a surge of 33%, while in Estonia and Slovakia they grew by 32%.

The lowest average increase in bread prices was recorded in France, where it was up by 8%. Both Luxembourg and the Netherlands saw an average price increase of 10%.

Monthly data also showed a considerable increase in headline inflation, fluctuating from 3% to 10 %, according to Eurostat.

The agency attributes rising bread prices to the conflict between Russia and Ukraine, stressing that both nations “have been major exporters of grains, wheat, maize, oilseeds (particularly sunflowers) and fertilizers.”

For more stories on economy & finance visit RT's business section

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