foodinflation
The UK year-on-year inflation report for March 2024 came out on Wednesday morning, clocking in at 3.2%, according to the Office for National Statistics (ONS), marking a decline from February’s 3.4%. However, it was still above analyst estimates of 3.1%, although the lowest number since September 2021. Food inflation slowing down was one of the biggest contributors to the decline, coming down to 4% from 5% in the previous month. Here's why Germany's economy remains the most distressed in Europe Regarding food and non-alcoholic beverages prices, the ONS said: “Prices have been relatively high bu...
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Newly announced details of a post-Brexit border check system has drawn criticism from businesses and trade bodies in the UK, with a warning that it could inflate food prices and lead the closure of several small businesses. From 30 April this year, firms importing plants or animal products from the EU via the Port of Dover or Eurotunnel will have to pay up to £145 per consignment to cover the costs of a new border check. The post-Brexit measures are designed to preserve "effective biosecurity and public health systems," according to the UK government, which announced details of the charges of ...
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Annual inflation slowed as prices rose 1% compared to the previous year in Switzerland, the Federal Statistical Office reported on Thursday. The rate of the price increase was less than expected and also slower than the 1.2% measured in the previous month. As a matter of fact, it was the slowest since September 2021, vindicating thesurprise rate cut from the Swiss National Bank (SNB) last month. Annual core inflation, excluding volatile items such as food and energy prices, also slowed to 1% from the previous 1.1%. Switzerland and Norway could invest $100 billion in IndiaPrices remained unchan...
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Egg prices are at near-historic highs in many parts of the world as the spring holidays approach, reflecting a market scrambled by disease, high demand and growing costs for farmers. It’s the second year in a row consumers have faced sticker shock ahead of Easter and Passover, both occasions in which eggs play prominent roles. While global prices are lower than they were at this time last year, they remain elevated, said Nan-Dirk Mulder, a senior global specialist with Dutch financial firm RaboBank’s RaboResearch Food and Agribusiness division. Mulder doesn’t expect them to return to 2021 leve...
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The preliminary estimate for the French year-on-year inflation report for March 2024 came out on Friday morning, clocking in at 2.3%, according to INSEE, France. This was the lowest since September 2021, and was also considerably under analyst expectations of 2.6%, as well as February’s 3% print. This was largely due to food prices increasing at a slower pace, at 1.7% in March, from 3.6% in February, with fresh food prices dropping 3.9%. Tobacco prices also saw a sharp slowdown, rising 10.7% this month, down from 18.7% in February. Similarly, services prices stabilised somewhat, seeing an incr...
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Increased average temperatures could drive up annual food inflation by up to 3.2% per year and overall inflation by up to 1.18% per year by 2035, according to a fresh study by the Potsdam Institute for Climate Impact Research (PIK). In the study, the scientists looked at how climate factors such as high temperatures and extreme rainfall have affected inflation in historical data, but they did not take a separate look at which food items were likely to be most affected. "Looking at over 27,000 observations of historical data, we found that increases in temperatures can increase food prices, par...
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The rate at which consumer prices are rising in the UK has slowed down significantly, according to new figures, sparking hope for tax cuts. In February, UK prices rose at an annual rate of 3.4%, down from January's 4.0%, marking the lowest level in two and a half years, according to the Office for National Statistics (ONS). The decrease exceeded expectations, as analysts had predicted a decline in headline inflation to 3.6%. The most significant factors contributing to the changes in the Consumer Price Index annual rates were food, along with restaurants and cafes, according to the ONS. Conver...
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The London-based company owns five of the world's top 10 selling ice cream brands including Wall's, Magnum and Ben & Jerry's, which delivered €7.9 billion in sales in 2023. Announcing the plan, Unilever said the future growth potential of ice cream would benefit from a "different ownership structure". The British consumer goods company, which is looking to save around €800 million by 2027, has also launched what it describes as a productivity programme involving technology investment. "Simplifying our portfolio and driving greater productivity will allow us to further unlock the potential of t...
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Inflation in the EU has been gradually and consistently falling since its peak at 11.5% in October 2022. In January 2024, the annual inflation in the EU was 3.1%, down from 3.4% in December according to Eurostat, the statistical office of the EU. That was in sharp contrast to the same time last year when it was 10.0%. At the same time, the eurozone area annual inflation rate was 2.8% in January 2024, down from 2.9% in December and considerably lower than the 8.6% seen in January 2023. Prices are rising slowlyFalling inflation indicates that consumer prices are increasing more slowly than they ...
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Olive oil, the golden lifeblood of Mediterranean cuisine, is experiencing a staggering rise in price, especially in the southern European countries where it is produced. The price of olive oil in Portugal soared by 69.1% in January 2024 compared to last year, well above the average of 50% in the EU, according to Eurostat. As a comparison, general food inflation was 4.8% in January across the bloc. In Spain, the world’s biggest olive oil producer, prices jumped 62.9% in January compared to the previous year. Spain hit hard by rising price of olive oil as climate change takes its toll on product...
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