Brussels, October 25, 2023 – The European Union has witnessed a relentless surge in food prices, with olive oil leading the charge, registering a staggering 75% increase since January 2021. Data for the second and third quarters of 2023 reveal that the escalating trend in food prices persists, although the pace of increase has slightly decelerated for some items.
In September 2023, egg, butter, and potato prices across the EU were notably higher than their levels in January 2021 and 2022. However, they showed a slight easing compared to previous months, while olive oil prices continued their steady ascent.
Olive oil has emerged as the starkest example of this price surge, experiencing an astounding 75% surge from its January 2021 baseline. By January 2022, prices were already 11% higher than the same month in the preceding year. The trend escalated further between September 2022 and September 2023, witnessing a sharp increase.
Potato prices also painted a similar picture of significant inflation. Since January 2021, potato prices have ballooned by 53% by September 2023, with June 2023 marking a peak with an impressive 60% increase.
Egg prices were not far behind, with a remarkable 37% surge in September 2023 compared to January 2021. The first two quarters of 2023 demonstrated relative price stability for eggs, with a slight decline observed in August and September.
Butter prices have exhibited a trajectory that mirrors that of eggs. Prices reached their zenith in December 2022, surging by 44% compared to January 2021. However, they have gradually declined since then, with butter being 27% more expensive in September than it was in January 2021.
This upward trend in food prices, especially olive oil, has placed a notable strain on the budgets of consumers and is a key concern for policymakers in the EU. While the reasons behind this surge are multifaceted, they highlight the importance of monitoring and addressing food price fluctuations for the benefit of consumers and the stability of the European food market.