Milk and Beef Prices in the Eurozone Have Risen by Almost 40% Since 2019
According to ECB data, household spending on food in the 20 eurozone countries is now about a third higher than before the COVID-19 pandemic. Economists note that food prices have always risen slightly faster than other categories of goods, but since 2022, this gap has become "exceptional and persistent."
ECB experts particularly emphasize that food inflation disproportionately affects public perception of inflation: even a slight rise in food prices immediately impacts consumer expectations and the level of price stability in the region.
Key factors in the recent price increases include rising labor costs, higher global food prices, and climate change. For example, droughts in southern Spain in 2022–2023 led to a record increase in olive oil prices, while adverse weather conditions in Ghana and Côte d'Ivoire have driven up the cost of coffee and cocoa.
According to analysts' estimates, since the end of 2019:
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milk prices have risen by nearly 40%;
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beef prices by 30%;
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butter and olive oil prices by approximately 50%.
The dynamics vary by country:
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in Cyprus, the increase was about 20%,
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in Italy — 28%,
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in Germany — 37%,
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and in the Baltic countries — over 50%.
ECB experts warn that the persistence of climate risks and rising production costs may continue to exert pressure on prices, making food inflation one of the key issues for eurozone monetary policy.
