The rise and rise of Europe's bread prices amid the war in Ukraine
Bread prices have risen sharply across Europe over the past year, new data reveals, with the increase particularly steep since Russia's invasion of Ukraine.
They were on average 18% higher in August than a year before, according to Eurostat, the EU's statistical agency.
In August last year, average increases in EU bread prices were at just 3%.
Eurostat says bread prices are at their highest level.
Hungary has been the worst hit - it saw a huge 65.5% rise over the year, while France, famous for its baguettes, has seen the slowest growth in prices.
Russia's invasion and the blocking of grain exports from Ukraine -- which was the world's fifth largest exporter of wheat -- have seen prices surge.
Bread is not the only product that has seen a sharp increase in price. The combined prices of bread and cereals have increased by 16.6% in the Eurozone, the highest rise since January 1997.
Maybe unsurprisingly, the rising cost of food and energy prices has also contributed to higher inflation, together with skyrocketing energy prices. In the European Union, inflation hit a record high in the month of August, reaching 9.1 per cent. As a frame of reference, the goal and mission of the European Central Bank is to keep inflation “close but below” 2%.
Food and beverages saw the second highest increase, at 12.4%, after housing and electricity, which experienced a 19.7% increase.
Even before the beginning of the war in Ukraine, in January, Hungarian bakers had warned customers that mills would significantly raise the price of flour, as reported by HVG, suggesting that Hungary was already facing challenges prior to the conflict.
Between August 2021 and August 2022, Hungary had its driest months since 1901, a situation that was exacerbated by
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