Bread prices rose by almost 20% in August European Unionwhile invasion of Russia in Ukraine – countries that are major exporters grain and fertilizers – continues to destroy world markets and accelerate inflation.

The price of wheat has risen since February, when the war halted exports across the Black Sea for several months, while fertilizer exports also declined as Russian producers lost access to the Baltic Sea ports they used to ship ammonia around the world.

The average price of bread in the EU, according to Eurostat, was 18% higher in August compared to the previous year. This is the biggest increase since December 2017, when Eurostat started keeping statistics. In August 2021, the average price of bread rose by 3% year on year.

The largest annual growth was recorded in Hungary and Lithuania, by 66% and 33% respectively. The lowest recorded in France (8%), the Netherlands and Luxembourg (10%).

Eurostat confirmed on Friday that inflation in the euro area reached a record high of 9.1% in August due to high energy and food prices.

^{Source: APE-MEB, Reuters}