Inflation costs the average European consumer an extra 243 euros in the same shopping cart as what they paid in 2021
Food prices for agricultural products rose by 31% in 2021 and are set to rise another 23% in 2022 as a result of the general increase in fuel, electricity and fertilizer costs caused by first the pandemic and later the war in Ukraine. And this has a direct impact on the price of food for Europeans, who will have to pay an average of 243 euros more compared to 2021 for the same shopping cart, data from the Allianz report ‘European food inflation’ shows.
In Spain, the problem is the same as in the rest of Europe, although data from Allianz shows that the shopping basket will be cheaper than that of Europeans. In concrete terms, this year 200 euros extra for the same food. All due to the fact that the Russian invasion of Ukraine contributed to the years of low agricultural yields, which not only affect the supply of basic foodstuffs such as wheat or oil, with the corresponding effect on the prices of alternative products.
And the situation could get much worse as retail food prices still do not match the increase in raw material costs over the last 18 months. The report indicates that food and drink producers in the eurozone have already increased their prices by an average of 14% since the beginning of 2021. And in supermarkets, the main price increases were those of oils (+53%), flour (+28%) and pasta ( +19%), but the average is an adjustment of only 6%, meaning that retailers have not passed on half of the price increase to the producers’ final consumer.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
