Greeks and their fellow Europeans have seen the price of bread increase dramatically largely due to the Russian invasion in Ukraine which has caused major disturbance in global markets with regards to the exports of grains, wheat, maize, oilseeds (particularly sunflowers) and fertilisers.
According to the latest data from Eurostat, Greece and Cyprus have experienced above EU average inflation increases. at approximately 25% and 20% respectively.
In August 2022, the price of bread in the EU was on average 18% higher than in August 2021. This is a huge increase compared with August 2021, when the price of bread was on average 3% higher than in August 2020. Monthly data also show a significant increase in headline inflation, although not as large (from +3% to +10%).
Bread, vegetables, meat - food has become more expensive. Prices for cooking oils and fats have risen particularly sharply, but important staple foods such as bread have also become significantly more costly.
The highest average rate of change in bread prices was recorded in Hungary (+66% in August 2022), followed by Lithuania (+33%), Estonia and Slovakia (both +32%).
