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EU food inflation at record highs

02 June 2008, 13:35 CET
EU food inflation at record highs

Food prices photo

(BRUSSELS) - Food price inflation in the European Union rose above seven percent in March and April, almost double the overall inflation rate, and the highest rates since records began in 1996, official figures showed Monday.

Food prices rose by 7.1 percent annually in April, after touching 7.2 percent in March, the EU's statistical office Eurostat reported.

The overall inflation rate in April was 3.6 percent, dragged up by food and fuel price rises.

Experts blame the soaring prices on bad weather, record high fuel prices, which have hit the world's poorest countries the hardest, and increased demand from the emerging powers such as China and India.

The rates varied widely between EU member states, with Bulgaria registering a 25.4 percent annual increase in April with bread and cereals up by over a third and fruit prices rising by 45.7 percent.

Latvia, Estonia and Lithuania all saw their food price inflation hit 18-22 percent.

Western European nations fared better with Portugal enjoying the lowest annual food inflation rate in April, at 3.2 percent, followed by the Netherlands (5.4 percent) and France (5.5 percent).

In Germany the figure was 6.4 percent while Britain's food inflation rate was marginally above the European average at 7.2 percent.

Among the nine food categories surveyed, the biggest food price rises were seen in milk, cheese and eggs prices which rose by 15 percent throughout the EU between April 2007 and April 2008.

Oils and fats were not far behind at 13.2 percent.

On a happier note for European consumers, fish and seafood prices rose by just 3.3 percent while vegetable prices bucked the trend by falling by 1.2 percent, albeit after a 10 percent rise in the previous year.

The UN's Food and Agriculture Organization will hold a summit in Rome from Tuesday at which world leaders will discuss food security following runaway prices sparking riots across the world.

Further details - Eurostat

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Oil

Posted by Stoyan Antonov at 02 June 2008, 17:23 CET
According to people's neratives some 0ne million civilions have died so far in Iraq, and another 5 million lost their homes and even more lost their jobs. Thsi shameful war may last very long, the bravest estimate to prclude it points to 2013-2014 as possible date for the end. Before the war the crude's price was $25 per barrel - now five times as much. The second reason for the increase of oil prices is the predatory policy of certain interst groups, which use hedge funds to buy and buy more crude to raise its price well above the average market. In fact, the demand for oil in Asia is growing, but in USA - still the world's biggest oil market - the demand is falling, as more Americans freeze their SUV and adopt public transportation or even personal byces. I am afraid it is just interest groups which stay behind all this. Unfortunately, more civilians will die in Iraq for the next years, the oil prices might hit 200 a barrel, and if military development occurs in Iran a global disuster will follow. May be it is time to discuss issues of top priority - what is peace, what is war, what is globalism, what is the sence of EU and its culturally-historically boundaries and more. Americans already paid some $3000 blns dollars for the war and - I am afraid USA faces increased public debt and might run into bancruptcy.

oilo

Posted by harisonford at 03 July 2008, 08:25 CET
dont remember me about oil and it has cused a disaster against iraq so many innocent people died so many lost their human parts so many lost their homes and relatives and children now a days the price of oil cost too much i dont know where it going to end with

===================
harison
http://www.goinggreenbuzz.com

oilo

Posted by harisonford at 03 July 2008, 08:26 CET
dont remember me about oil and it has cused a disaster against iraq so many innocent people died so many lost their human parts so many lost their homes and relatives and children now a days the price of oil cost too much i dont know where it going to end with

===================
harison
<a href="http://www.goinggreenbuzz.com">http://www.goinggreenbuzz.com</a>


oil;

Posted by harisonford at 03 July 2008, 08:27 CET
[url]http://www.goinggreenbuzz.com [/url]
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