Wake up call: Could coffee become a ‘luxury’ as inflation hits EU?
CHENNAI: Inflation is hitting home for consumers across the EU, with new data showing that a regular cup of coffee may soon become a “luxury” for some. In some countries, the price of coffee is up over 40% compared to last year.
The regular morning ritual of a cup of coffee is now costing consumers in the European Union far more than it did just months ago, according to data released on Thursday.
The figures from Eurostat, the bloc’s statistics office, highlight the sharp rise in staple goods — and how some countries are facing price increases of over 100% due to inflation.
What does the data show?
The average price of coffee across the EU rose by 16.9% in August compared to the same month in 2021, the latest data showed.
“Kicking off the day with a mug of hot coffee is a daily routine for many. However, recent price rises might make this morning staple almost a luxury,” Eurostat said in a statement.
The difference is particularly stark compared to the previous year’s data. In August 2021, the price of coffee was on average 0.5% higher than in August 2020.
For those who add sugar or milk to their mug, costs rose even more.
The average price of fresh whole milk rose on average by 24.3% compared to last year, while prices for fresh low-fat milk rose by 22.2% over the same period.
Sugar prices saw the greatest jump, according to Eurostat — with prices rising 33.4% compared to last year. In August 2021, the price of sugar was up just 0.8% compared to August 2020.
How are different countries impacted?
Countries have been hit differently by price hikes across the EU’s 27 member states, with northern and eastern states experiencing the highest jump in prices for coffee, milk and sugar.
Finland logged the highest jump in the price of coffee — up by 43.6% in August 2022. Lithuania, Sweden Estonia and Hungary also each logged coffee price increases of over 30%.
Poland has seen “notable rises” in the price in sugar, which was up in August 2022 by over 109%.In Germany, the cost of low-fat milk has risen by 30.6%, according to Eurostat.
Russia’s war on Ukraine has fuelled high inflation and an energy crisis within the EU, wreaking havoc on national economies.
The article was provided by Deutsche Welle