Fish and vegetables "burn" pockets in August/ They lead the increase in food prices, up to 9.8% more expensive than last year
Food prices continued to rise in August, albeit at a slower pace than the previous month. Overall, the “Food and non-alcoholic beverages” group rose by 2.8% on an annual basis, down from 3.5% in July.
Despite the slowdown, food remained the factor with the greatest impact on overall inflation. According to INSTAT, this group contributed 0.95 percentage points to the annual inflation rate of 3.2% in August.
The strongest growth within the food basket continues to be recorded in fish and other seafood, whose prices were 9.8% higher than in August last year. The pace of price increases accelerated slightly compared to July, when the annual growth was 9.4%.
Following fish are vegetables, tubers and legumes, which cost 8% more than a year ago. However, this category shows a significant slowdown compared to July, when prices had increased by 10.1% on an annual basis.
Meat also continued to cost more. Prices of live animals, meat and other products from land animals rose by 3.6%, while fresh, chilled or frozen meat alone was 4.3% more expensive than a year earlier. In July, the increase for the latter was 4.6%, indicating a slight moderation in the pace.
Price increases were also recorded for a number of other daily consumption products. Non-alcoholic beverages rose by 3%, oils and fats by 2.8%, while milk, dairy products and eggs by 2.5%. Compared to July, the growth rate has slowed down for non-alcoholic beverages and dairy products, while it has slightly accelerated for oils and fats.
Meanwhile, sugar, sweets and confectionery products cost 2.7% more than a year ago, up from 2.2% in July, while ready-made meals and other food products became more expensive by 1.7%.
Fruit continues to be an exception to the general trend. Prices of fresh and dried fruit were 4.2% lower than in August last year, deepening the decline from the 3% recorded in July.
The August picture thus shows a softening of food inflation, but not an elimination of pressures within the basket. Fish has returned to the category with the strongest price increases, close to 10%, while vegetables, although they have moved away from the double-digit rates of July, continue to cost significantly more than a year ago.
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