Across Europe, food prices for staples have climbed between 17% and 25% over the past year. Read more at straitstimes.com.
such as bread, eggs and milk in an effort to ease the financial squeeze on poorer members of society.
The wholesale price of sugar has surged to the highest level in more than 10 years, after the worst sugar beet crop in Europe for 20 years combined with poor harvests in Brazil and India. However, Mr John Allan, who until recently was the boss of Tesco, the market leader in grocery sales in Britain and the world’s third-largest retailer, told journalists that it was “entirely possible” that some food suppliers had been “profiteering”.
In Hungary, where overall food inflation stood at 44 per cent over the past year, the government has introduced mandatory price controls on essential food items; Croatia, another eastern European state, followed suit.Spain, for instance, has cut its sales tax on food, while Greece has taken the alternative approach of capping retailers’ profit margins.
Mandatory price controls soon result in shortages of staple items because retailers have little incentive to sell them; distribution shortages are already evident in Hungary. And because price caps must apply to all retailers, they tend to hit small family corner grocery stores hardest, since such businesses primarily sell essential items and have no hope of recouping lost revenue.
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