The cost of necessities and food continues to soar in the European Union. Countries like Spain and France keep seeing costs for basic essentials go higher.
The worst cost-of-living crisis in a generation continues to plague those living in the EU, according to data published by Bloomberg on Monday.
The cost of the main groceries needed to cook the French dish coq-au-vin soared 15.4% in March to more than €19 ($21) compared to the same period a year ago, according to data from the national statistics office and the Ministry of Agriculture and Nutrition.
France is the top consumer of poultry in the EU. The cost of chicken, the main ingredient in the traditional dish, surged by about 18%, carrots by 33.5%, butter gained 23.9% and even wine, which saw the slowest price increase, soared by 8.4% on an annual basis.
The prices of the key ingredients used in the Spanish dish paella have also surged, Bloomberg’s monthly Paella Index, based on data provided by Spain’s National Statistics Institute showed. Cooking the Spanish signature dish is now 18.5% more expensive than a year ago. The price of olive oil has jumped 32.1%, while vegetables and legume prices are up 27.8% on the year, and 5.7% on a monthly basis. Rice prices have risen 22.1% from a year ago.
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. -RT
The cost-of-living crisis is only getting worsen in France and other places. According to a recent report by the statistics agency INSEE, inflation in the Eurozone’s second-largest economy has continued at a record pace, and faster than expected in February, largely due to surging food prices. Food, services, and manufactured goods have been the main contributors to inflation.
French authorities previously introduced a so-called “anti-inflation food basket” made up of about 50 basic items, and have forced large retailers not to hike prices on these essentials. That is probably not going to work as food shortages will be the likely result.