EU country sees record rise in food prices – RT Business News


Food inflation in Finland saw the largest year-on-year increase of 15.7% last month, TASS reported on Monday, citing the latest data released by the country’s statistics center.

The price spike, believed to be the largest since Finland joined the European Union 27 years ago, has been attributed to « a rise in the prices of fertilizers and energy carriers caused by the coronavirus pandemic and the conflict in Ukraine ».

The EU faces soaring energy prices and record inflation amid anti-Russian sanctions and a policy of abandoning oil, natural gas, coal and other materials Russian premieres. The situation is expected to lead to rationing and power shortages across the region.

The biggest jump was recorded for flour, eggs, coffee and butter. Flour prices saw a whopping 46% increase, while prices for other food items soared more than 30%.

“Prices will continue to rise until the end of the year and at least in the first half of next,” said Jyrki Niemi, research professor at the Natural Resources Institute Finland, quoted by the agency.

Inflationary pressure is turning the daily morning habit into an expensive luxury — Eurostat

Two weeks ago, preliminary data from Eurostat showed that in October inflation in Finland reached 8.3%, marking the lowest rate among EU member states after Malta.

Last month, Eurostat reported that the price of coffee in the EU had seen an average increase of nearly 17% year-on-year, with Finland topping the chart. The rise in coffee prices in the country totaled 44% in the 12-month period to August 2022.

For more stories on economics and finance, visit RT’s business section

You can share this story on social media:


Back to top button