EU food prices continue to soar
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French and Spanish food markets witness a huge increase in food prices.
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A man checks prices of food in a shop window, in Madrid, Friday, Dec. 21, 2012. (AP)
Food prices in France and Spain are continuing their rise as the EU faces its worst cost-of-living crisis in a generation, according to Bloomberg data published on Monday.
According to data from the national statistics office and the Ministry of Agriculture and Nutrition, the cost of the main groceries needed to cook the French dish coq-au-vin increased 15.4% in March to more than €19 ($21) compared to the same period a year ago.
It is worth noting that France is the EU's largest poultry consumer. Chicken, the main ingredient in the traditional dish, increased by about 18% in price, carrots by 33.5%, butter by 23.9%, and even wine, which saw the slowest price increase, increased by 8.4% year on year.
France's cost-of-living crisis has worsened. According to a recent INSEE report, inflation in the Eurozone's second-largest economy has continued at a record pace, and faster than expected in February, owing largely to rising food prices. Inflation has been driven primarily by food, services, and manufactured goods.
Read next: Cheese and bread cost up to 80% more in UK's supermarkets
The French government previously introduced a so-called "anti-inflation food basket" of about 50 basic items, requiring large retailers not to raise prices on these necessities.
Inflation in Spain
Meanwhile, the prices of key ingredients used in the Spanish dish paella have risen, according to Bloomberg's monthly Paella Index, which is based on data from Spain's National Statistics Institute. Cooking the national dish of Spain is now 18.5% more expensive than a year ago.
Olive oil prices have risen 32.1% year on year, while vegetable and legume prices have risen 27.8% year on year and 5.7% month on month, and rice prices have risen 22.1% year on year.
The Spanish Agrarian Association of Young Farmers is warning of further price hikes due to likely olive oil shortages following last year's drought, as yields are already significantly down in Spain, the world’s largest olive oil producer.
According to the Rice Federation of the Isla Mayor municipality, Spain's leading producer of the crop, rice prices may also rise due to a 40% year-on-year decline in production in 2022, the worst on record.
Read next: Food queues in Spain continue to line up as hunger continues to grow
