| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : EU Economy Last Updated: Apr 24, 2009 - 5:31:05 PM


Eurozone annual food prices rose 6.2% in April compared with 3.3% for overall inflation; Irish food prices rose 8.4%; Annual price increase in the EU was 14.9% for milk, cheese & eggs
By Finfacts Team
Jun 3, 2008 - 2:58:53 AM

Email this article
 Printer friendly page

1997-2008

Eurozone Food Prices: Since the end of 2006, but particularly since July 2007, food prices1 in the EU2 have increased more rapidly than overall inflation. The same pattern was observed for the Eurozone3. In April 2008, the annual increase in food prices in the EU was 7.1%, compared with 3.6% for overall inflation, as measured by the all-items HICP (EU Harmonized Index of Consumer Prices). In theEurozone, the annual increase in food prices was 6.2%, compared with 3.3% for overall inflation.

March and April 2008 recorded the highest annual increases in food prices in both the EU and the Eurozone since the beginning of the series in 1996. However, between 1996 and April 2008, food prices have risen in total at a similar rate to overall inflation: +31% and +27% respectively in the EU, and +30% and +27% respectively in the Eurozone.

Irish food prices rose 8.4%.

These figures come from Eurostat, the Statistical Office of theEuropean Union.

Annual increases of food prices ranged from 3.2% in Portugal to 25.4% in Bulgaria

The weight of food in the all-items HICP reflects the share of food purchases in household consumption expenditure. This share is 14.6% at theEU level. The weight of food in the index varies from 9.5% in the United Kingdom and 9.7% in Luxembourg, to 34.5% in Romania and 23.2% in Lithuania.

In April 2008, the highest yearly increases in food prices were found inBulgaria (25.4%), Latvia (21.7%), Estonia (18.3%) and Lithuania (18.1%). The lowest increases were registered in Portugal (3.2%), Netherlands (5.4%), France (5.5%), Cyprus (5.8%) and Italy (5.9%).

The impact of food prices on overall annual inflation depends on both the weight of food in the all-items HICP and the annual price changes for food, and therefore differs significantly between Member States. The largest upward impacts from food prices on overall annual inflation in April 2008 were found in Bulgaria (+3.4 percentage points), Lithuania and Romania (both +1.9 pp), while the smallest upward impacts were recorded in Portugal (+0.1 pp) and Luxembourg (+0.2 pp).

Annual price changes for all-items HICP and food, %


 
HICP
Food
Apr 07
Apr 06
Apr 08
Apr 07
Index,
Apr 08
(2005 = 100)
Weight, %
Apr 07
Apr 06
Apr 08
Apr 07
Index,
Apr 08
(2005 = 100)
Impact (percentage points)
Apr 08
EU
2.2
3.6
108.1
14.6
3.4
7.1
112.5
0.6
Eurozone
1.9
3.3
107.6
14.4
2.5
6.2
110.9
0.5
Belgium
1.8
4.1
108.5
16.0
4.9
6.1
113.7
0.4
Bulgaria
4.4
13.4
127.7
22.9
4.5
25.4
144.1
3.4
Czech Rep.
2.7
6.7
111.4
17.1
4.7
9.9
115.1
0.6
Denmark
1.7
3.4
107.1
13.7
5.4
7.5
114.3
0.6
Germany
2.0
2.6
106.3
10.6
2.8
6.4
111.0
0.4
Estonia
5.6
11.6
121.9
19.3
9.1
18.3
133.3
1.5
Ireland
2.9
3.3
108.8
12.5
1.7
8.4
112.0
0.7
Greece
2.6
4.4
111.2
16.5
0.7
7.0
113.2
0.5
Spain
2.5
4.2
110.9
19.2
3.2
6.8
113.9
0.7
France
1.3
3.4
106.7
14.8
1.1
5.5
108.3
0.4
Italy
1.8
3.6
107.8
16.6
2.8
5.9
110.1
0.5
Cyprus
1.6
4.3
108.5
16.1
6.7
5.8
118.7
0.3
Latvia
8.8
17.4
134.1
22.0
12.5
21.7
145.1
1.3
Lithuania
4.9
11.9
120.9
23.2
10.2
18.1
136.3
1.9
Luxembourg
2.5
4.3
109.8
9.7
2.9
6.3
111.4
0.2
Hungary
8.7
6.8
118.7
17.2
13.4
14.8
137.8
1.6
Malta
-1.1
4.1
107.2
15.9
0.3
9.7
113.6
1.0
Netherlands
1.9
1.7
105.8
12.4
1.3
5.4
108.2
0.5
Austria
1.8
3.4
107.1
11.5
4.3
7.6
112.7
0.5
Poland
2.2
4.3
107.7
20.9
4.6
6.8
112.2
0.6
Portugal
2.8
2.5
108.5
18.0
3.6
3.2
109.1
0.1
Romania
3.8
8.7
119.5
34.5
-0.3
12.4
118.2
1.9
Slovenia
2.9
6.2
111.8
15.8
6.4
12.2
120.5
1.1
Slovakia
2.0
3.7
109.9
16.1
4.3
7.9
114.9
0.8
Finland
1.5
3.3
106.5
14.0
3.0
6.4
111.5
0.5
Sweden
1.6
3.2
106.5
13.6
3.0
6.8
110.2
0.5
United Kingdom
2.8
3.0
107.6
9.5
6.0
7.2
113.6
0.4

Milk, cheese and eggs prices rose by 15% between April 2007 and April 2008 in the EU

Among the nine food classes, the three main classes at EU level are meat, bread & cereals and milk, cheese & eggs. They make up 60% of the food component. In April 2008, the annual price increase in theEU was 14.9% for milk, cheese & eggs, 10.7% for bread & cereals and 4.1% for meat. For the remaining food classes, price changes ranged from -1.2% for vegetables to +13.2% for oils & fats.

In April 2008, among the Member States, annual price increases for meat ranged from 0.7% inPortugal to 19.1% in Lithuania, for bread & cereals from 6.3% in the Netherlands to 38.4% in Bulgaria, and for milk, cheese & eggs from 3.4% in Cyprus to 35.4% in Estonia.

  1. Food (COICOP 01.1) includes those products generally purchased for consumption at home and therefore excludes products sold in hotels, cafés, restaurants and the like.
  2. The EU includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).

EU inflation is measured by the EICP (’European Index of Consumer Prices’ as defined in Council Regulation (EC) No 2494/95 of 23 October 1995) which is the official EU aggregate. The EU included 15 Member States until 30 April 2004, 25 Member States from 1 May 2004 until 31 December 2006 and 27 Member States from 1 January 2007. New Member States are integrated into the EICP using a chain index formula.

  1. Eurozone inflation is measured by the MUICP (’Monetary Union Index of Consumer Prices’ as defined in Council Regulation (EC) No 2494/95 of 23 October 1995) which is the official Eurozone aggregate. New Member States are integrated into the MUICP using a chain index formula. The Eurozone initially included Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland. Greece was included from 1 January 2001, Slovenia from 1 January 2007, and Cyprus and Malta from 1 January 2008.

Related Articles
Related Articles


© Copyright 2009 by Finfacts.com

Top of Page

EU Economy
Latest Headlines
Spain's strong recovery to slow in the next few years
Italy's Mezzogiorno is Achilles' heel of Euro Area - lowest birth rate since 1862
Euro Area GDP grows at weak 0.3% in Q2 2015
German GDP up 0.4% in Q2 2015; France's GDP stagnates
Germany's Surplus: Lots of critics; Credible solutions scarce
Euro Area industrial production dips in June and May after a flat April
Greece faces two years of recession according to EU officials
High EU youth unemployment rate not as bad as it seems
Eurozone retail PMI surges to highest since January 2011
ECB monetary policy still tight for Southern Europe
German exports fell in June — surplus at record; Exports up 13.7% year-on-year
Eurozone manufacturing sector continued to expand in July
Weak euro unlikely to have significant impact on Euro Area growth
Is Euro Area Ireland's top trading partner?: EU28 is overwhelmingly UK's
German car firms boost exports from Spain, UK, Portugal, Czech Republic, Slovakia, Hungary and Romania
Flash Eurozone manufacturing/ services PMI close to four-year high despite Greek crisis
Krugman calls euro a Roach Motel; Hotel California gets 1-star grade
Greece & Euro Crisis: July 2015 articles from Finfacts
Greece and other poor countries in Euro Area will not become rich
Euro Area manufacturing/ services PMI hits four-year high in June
Western European car market: Recovery continues
Greece could become a failed state like Venezuela
Multinational companies pay on average 30% less tax than domestic competitors in EU
EU's list of 30 tax havens omits the biggest 4 in Europe
China to invest in Juncker's European investment fund
Greek talks collapse; Game theorists gambling with future — Germany's vice-chancellor
German exports and industrial production in strong rises in April
Tackling Inequality: Scandinavian countries have the most successful welfare systems in Europe
Eurozone unemployment fell by 130,000 in April 2015 — down 849,000 in 12 months
Eurozone service sector business activity slowed during May
German 2015 GDP forecast cut; Jobless level at 24-year low
Eurozone manufacturing in modest acceleration in May
FDI into Europe at record in 2014; UK on top: Germany location for future investment
Eurozone economy loses growth momentum; Jobs growth rises
Athens leak suggests Juncker has plan for Greece
Draghi will not end QE early but warns of risks
Eurozone grows faster than US and UK in Q1 2015
German GDP at slower pace, France faster in Q1 2015
Germany may cut income tax; Germans still shun risky investments
Germany had record exports and imports in March 2015