However, inflation is very uneven across countries. France is rather spared.
Attention sensitive topic in France. The price of bread is experiencing an increase not experienced in many years. The cost of this staple food in the EU increased by an average of 18% between August 2022 and August 2021, according to figures released today by Europe’s statistics agency, Eurostat. A significant increase from the previous trend. In fact, between August 2021 and August 2020, that increase was only 3%.
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Of course, not all Member States experience similar inflation. Hungary has been hit the hardest as prices have risen by 66% in a year. Far behind, Lithuania, Estonia and Slovakia saw increases in bread value of 33% and 32% respectively. The good news, however, is that France is being spared more than its neighbors. In the land of the baguette, the flight is limited to 8%. Paris is followed by the Netherlands and Luxembourg, where prices have risen by 10%.
Not surprisingly, the European Statistics Agency attributes a large part of these additional costs to the war in Ukraine. The two warring countries (Kyiv and Moscow) are among the main exporters of wheat and fertilizers. As a result, prices have skyrocketed. On May 16, for example, wheat reached a record value of EUR 438.25 per ton before falling back to high levels (more than EUR 350 per ton).
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In general, the price increase on the old continent is general. Eurozone annual inflation was 9.1% in August 2022, according to Eurostat, compared to 8.9% in July. A year earlier, this rate was 3.0%.
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