Although energy inflation has slowed down at the beginning of the year, food prices continue to rise strongly across the 27-member EU bloc
Despite lower energy prices, food prices in European continue to soar.Allianz: one reason for the high food prices could be what it called “catch-up profit taking”.Last year, Europe was in the grips of a gas crunch that sent the price of electricity—and everything produced with its participation—soaring.
So is the price of gas on both global markets and the European Union’s own internal market. If energy costs are down, then food producers’ overall costs should be way down. Yet, though they probably are, the end price for their products is up. Food prices in the EU are so high, in fact, that governments need to step in with direct financial help to alleviate the pain.
Yet even that optimistic report notes that, first, the revival of activity is not universal and, second, the reason for the weaker energy prices is weaker demand for energy, and that does not exactly suggest a major economic revival for the EU.
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