Bread, vegetables, meat – food products have become more expensive. The prices of oil and fats have risen particularly sharply, but important foodstuffs such as bread have also gone up significantly.

This is due to the Russian invasion of Ukraine, which significantly disrupted world markets, as Russia and Ukraine were major exporters of grains, wheat, corn, oilseeds (in particular sunflower), and fertilizers.

In August 2022, the price of bread in the EU was on average 18% higher than in August 2021. This is a huge increase compared to the previous year when the price of bread was on average 3% higher than in August 2020. The monthly data also show a significant increase in core inflation, although not as large (from +3% to +10%).

Some countries were much more affected than others. The highest average rate of change in bread prices was recorded in Hungary (+66% in August 2022), followed by Lithuania (+33%), Estonia, and Slovakia (both +32%). 

Meanwhile, the lowest average rate of change in bread prices was recorded in France (+8% in August 2022), the Netherlands, and Luxembourg (both +10%). 

At the same time, according to Ukraine’s State Statistics Service, the prices for fruits rose by 60.2%, vegetables – by 58.5%, fish – by 33.1%, bread – 29%, and sugar – by 27.9%.