Inflation pressure turns daily morning habit into expensive luxury
OREANDA-NEWS The price of coffee in the EU saw an average year-on-year surge of 16.9% in August, the bloc’s statistics office reported on Thursday, adding that milk and sugar prices also rose.
“Recent price rises might make this morning staple almost a luxury,” Eurostat said, explaining that the price of coffee in August 2021 was on average 0.5% higher than in the same period a year ago.
Fresh whole milk in August cost 24.3% more on average than a year before, while consumers paid 22.2% more for fresh low fat milk, the agency added.
Meanwhile, sugar saw the sharpest spike in August, with its average price soaring 33.4% from the same month of 2021, when growth amounted to 0.8%.
According to the agency, prices increased for these four items in all EU member states except Malta, where the price of fresh low fat milk was unchanged.
Finland and Lithuania saw the most drastic changes in coffee prices, up 43.6% and 39.9% respectively, followed by Sweden and Estonia. Meanwhile, Poland saw the highest jump in sugar prices, which skyrocketed by 109.2% compared to August 2021.
Overall consumer price inflation in the Eurozone hit 9.1% in August, driven by energy and food prices. According to Eurostat's flash estimate, it reached a new record of 10% in September.