Households across the Eurozone are spending about a third more on food than before the Covid-19 pandemic — a sharper rise than for other items — as higher labour costs and global commodity prices drive up grocery bills.
Food prices have tended to increase slightly more than for other items since the introduction of the euro in 1999, but “the gap that has built up since 2022 is clearly exceptional and persistent”, ECB staff wrote in a blog published on Thursday.
In August, food prices were 34 per cent higher than in the same month in 2019, a much faster increase than the 23 per cent for all consumer prices over the same period.
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