Latest news with #foodprices
Reuters
5 hours ago
- Business
- Reuters
Morocco's annual inflation drops to 0.4% in May
RABAT, June 20 (Reuters) - Morocco's annual inflation, measured by the consumer price index, dropped to 0.4% in May from 0.7% a month earlier, the North African country's statistics agency said on Friday. Food prices, the main driver of inflation, rose 0.5% from a year earlier, while non-food inflation increased 0.3%. Core inflation, which excludes more volatile goods such as food, was up 1.1% year-on-year and stable month-on-month.
Irish Times
a day ago
- Business
- Irish Times
Ireland is second most expensive country in Europe, data shows
Ireland is the second most expensive country in Europe with only Danes expected to pay more for a range of goods and services, the latest figures from Eurostat have confirmed. Prices here are much higher than the European average with things worsening over the last decade, the data suggests. Back in 2015, when Ireland was still considered a high-priced country, costs here were 28 per cent above the European average. The new figures suggest that gap has climbed to 38 per cent. When it comes to alcohol and tobacco, prices here are the most expensive and 205 per cent of the average with a significant portion of the price differential due to higher rates of tax and the introduction of minimum unit pricing on alcohol. READ MORE Food and non-alcoholic drink prices in Ireland are third highest in the EU, behind Luxembourg and Denmark/ They are almost 15 per cent higher than the average although this is a slight improvement on recent years. Back in 2020, prices were said to be 21 per cent higher than the European average. Restaurant and hotel prices are the second highest in the EU, behind only Denmark and 29 per cent above average, while communications costs are almost 40 per cent above average. Ireland is also the third most expensive country for electricity, gas and fuel with prices over 17 per cent above the mean. There are some areas when Ireland fares better, with clothes prices 1 per cent cheaper and cheaper than in Lithuania, Latvia and Poland. 'We all know that Ireland is an expensive country and these figures from Eurostat today confirm it,' said Daragh Cassidy of price comparison and switching website 'There are several reasons why prices here are so high. These include: our higher wages, a lack of competition in certain sectors, high taxation on certain goods such as tobacco, alcohol and fuel, and lower government subsidies in certain areas such as public transport and childcare compared to our European neighbours.' He also noted that Irish businesses are also 'faced with high insurance and energy costs, which then get passed on to consumers. 'Ireland will never be a cheap place to live. And it's worth noting that many of the world's most expensive countries such as Switzerland, Iceland and Denmark also have some of the highest standards of living in the world. The problem is that wages in Ireland, while high by international standards, generally don't match the salaries in these countries.' He also pointed out that taxpayers in more expensive countries 'tend to get back more from the Government in terms of better and more affordable healthcare, childcare and public transport'. He said the Government should 'look at measures that are within its control to lower the impact of high prices and the cost of living in Ireland'. He highlighted the 23 per cent standard rate of VAT which is 'among the highest in the world' and said 'repeated failures to properly tackle our compo culture mean many businesses continue to pay astronomical insurance costs, which leads to higher prices for consumers.'
Zawya
a day ago
- Business
- Zawya
South Africa: Beef, oils, and vegetables lead rise in food costs despite stable inflation
Consumer price inflation was 2,8% in May, unchanged from 2,8% in April. The consumer price index (CPI) increased by 0,2% between April and May reveals Stats SA. Food & non-alcoholic beverages (NAB) is the only category that contributed to the monthly increase in the CPI. The monthly change in food & NAB was 1,1%, following a 1,3% rise in April. The annual rate for the category increased to 4,8% from 4,0% in April, the highest print since March 2024 when the rate was 5,1%. Beef continues to push meat inflation higher Meat, specifically beef, is a key factor behind the rise in food inflation. The annual rate for meat jumped from 3,0% in April to 4,4% in May. In April, monthly increases for beef products ranged from 6,2% to 11,9%. In May, notable monthly increases were recorded for beef steak (up 4,5%), stewing beef (up 2,5%) and beef mince (up 1,7%). A widespread outbreak of foot-and-mouth disease, combined with higher feed prices, contributed to the rise in beef inflation. The fish and other seafood category recorded an annual increase of 4,9% in May, up from 4,8% in April. Hake is 9,1% and fish fingers 6,1% more expensive than a year ago. Image by Steve Buissinne from Pixabay The annual rate for oils & fats was 5,6%, the highest since April 2023 (10,0%). Sunflower oil recorded an annual increase of 7,6% and brick margarine 7,9%. Vegetable prices tend to be highly volatile, depending on seasonal factors. The annual rate for the category was 10,3% in May, up from a recent low of -2,6% in November 2024. The rate in May is the highest since January 2024, when it was 12,6%. High annual increases were recorded for beetroot (64,0%), lettuce (20,9%) and carrots (13,4%). Maize meal and samp continue to record high price increases. The annual rate for cereal products was 4,5% in May, with double-digit inflation registered for maize meal (14,2%) and samp (20,6%). Most wheat-based products are experiencing low inflation rates, aside from biscuits. Savoury biscuits witnessed a monthly increase of 2,2%, taking the annual rate to 12,5%. Sweet biscuits saw a monthly rise of 1,5% and an annual increase of 6,4%. Stubbornly high inflation rates for hot beverages may be subsiding. This index was unchanged between April and May. The annual increase slowed to 12,4% from 15,2% in April. This is the lowest year-on-year rate since April 2024 when it was 11,4%. The graphs below show food and beverage products that registered notable price changes in May. Other notable price changes Services provided by electricians are surveyed twice a year in May and November. These services recorded a monthly and annual increase of 7,9%. Fuel prices dropped by 1,1% between April and May, pulling the annual rate down to ‑14,9%. This is the largest annual decrease for fuel since October 2024 when the rate was -19,1%. Petrol is 15,9% and diesel 12,6% cheaper than a year ago. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Yahoo
a day ago
- Business
- Yahoo
UK inflation drops slightly to 3.4% in May 2025
The UK Consumer Prices Index (CPI) increased by 3.4% over the 12 months ended May 2025, a slight decline from the 3.5% rise in the year leading up to April, according to data released by the Office for National Statistics (ONS). May saw a CPI increase of 0.2%, marginally lower than the 0.3% increase recorded in May of the previous year. The most significant decrease in the monthly variation of the CPI annual rate was attributed to the transport sector. Upward pressures on the rate were primarily driven by increases in the food sector, along with furniture and household goods. Core CPI, which excludes the volatile categories of energy, food, alcohol and tobacco, saw a 3.5% increase in the year ending in May - a decrease from the 3.8% rise recorded in the year to April. The annual rate for CPI goods climbed from 1.7% to 2.0%, while the annual rate for CPI services decelerated from 5.4% to 4.7%. British Retail Consortium director of Insight Kris Hamer stated: 'Headline inflation held at 3.4% as higher bills and new business costs introduced in April continued to filter through into the economy. Worryingly for consumers, the price of the weekly shop rose once again as food inflation continued its upward trajectory, reaching its highest level since February last year. However, there were some bright spots. Deflation persisted in the clothing and footwear category and within the food category breakfast items such as eggs, bread and cereals fell in price on the month, offering some relief.' Negative impacts from various sectors were somewhat counterbalanced by the rising costs of food and non-alcoholic beverages, which saw a 4.4% price increase over the 12 months to May, an acceleration from the 3.4% increase in the preceding year to April. This rate for May is the highest since February 2024, when it reached 5%. In terms of monthly changes, prices for food and non-alcoholic beverages climbed by 0.7% in May, contrasting with a decrease of 0.3% during the same month in the previous year. Hamer added: 'Since October, retailers have warned that the costs from the Chancellor's [October 2024] Budget could not be fully absorbed and would inevitably lead to higher prices for shoppers. Food inflation is now above 4% and looks set to increase further later in the year. The government must now take action to relieve cost pressures retailers are facing. Ensuring no shop pays more under business rates reform would be a meaningful step forward, offering much needed relief to an industry that continues to see prices, job losses and store closures all rising.' "UK inflation drops slightly to 3.4% in May 2025" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
2 days ago
- Business
- Yahoo
Farm Bureau report: Iowa consumers worry about government-caused increases in food costs
Fresh vegetables at a farmers market. (Photo by Cami Koons/Iowa Capital Dispatch) The Iowa Farm Bureau's latest food and farm index found that among concerns of the high cost of groceries, the overwhelming majority of Iowa grocery shoppers surveyed are concerned about increases to food prices caused by government regulations. The annual survey, conducted by the Harris Poll, also found that more consumers are seeking locally grown and produced products. 'At a time when trust in national institutions—from government to media—is at historic lows, the sustained confidence in local farmers speaks volumes about their authenticity and transparency, underscoring the strong bond and mutual respect between Iowa's farmers and the communities they serve,' said Latoya Guishard Welch, vice president of research for public release at the Harris Poll. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX According to the food and farm index, 80% of shoppers are concerned, and 47% are very concerned, about government regulations that increase consumer food prices. The percentage of folks very concerned has more than doubled since 2021, when just 21% were more than just concerned about the role of government in increased food costs. U.S. Department of Agriculture statistics show direct imports, or finished products ready for sale, accounted for 15% of U.S. spending on food and beverages. Foreign ingredients and supplies comprised 4% of domestic food production. Forbes reported tariffs could have a significant impact on the cost of food and beverages at the grocery store, if imposed at their highest proposed levels. A recent study from Farmers for Free Trade, a non-profit advocacy group, found that tariff costs for Iowa importers increased by $68 million, or 304% from April 2024 to April 2025. According to the Iowa 'tarifflation' report, 90% of this increase came from tariffs imposed by President Donald Trump, as opposed to legislative tariffs. These tariffs primarily impacted imported unwrought aluminum, machinery parts, insecticides and fungicides, and engines. According to the study, imports from China had the highest tariffs, but imports from Mexico, Canada and South Korea faced dramatic increases in tariffs. Goods imported from Mexico to Iowa in April 2024 had tariffs of 0.2%, compared to a 4.4% tariff in April 2025. Reciprocal tariffs between the U.S. and China, which are currently on a 90-day reduction agreement, would put Iowa industries at a 'significant' risk. In particular, Chinese tariffs on U.S. exports would hurt Iowa pork and soybean producers especially hard. The Farmers for Free Trade study concluded the presidential tariffs, if they took effect and stayed in place, would 'have major consequences' on Iowa. 'Already, Iowa companies are paying tens of millions of dollars per day – money that could be better spent investing in companies and workers or lowering prices for their customers.' Recent consumer price index data from U.S. Department of Agriculture shows a 23.6% increase in grocery prices from 2020 to 2024, which likely explains why price continues to be the most important factor for Iowa grocery shoppers when making decisions on which types of food to buy. Three-fourths of Iowans said meat, poultry or dairy products are part of their daily diets, and a higher proportion of Iowans say they prefer 'real' meat and dairy over plant-based alternatives. More and more, consumers are choosing to purchase these items directly from the farm. Sixty-nine percent said they have purchased groceries directly from farmers, through their online websites, farm stores or at farmers markets, and 40% of Iowa consumers look for locally made or grown labels when buying at the store. This is an increase from 2024 survey results which found around 30% of consumers sought local labels. Iowa Farm Bureau President Brent Johnson said these statistics mean a lot to farmers. 'Iowans are definitely paying attention to food prices, but they're also looking for food that makes them feel connected to local farmers,' Johnson said. 'We take pride in growing safe, high-quality food for our neighbors and knowing they trust us to do that really hits home.' The survey results also show that more than 90% of shoppers said they trust farmers and 49% said they place a 'great deal of trust' in Iowa farmers in general. The survey also asked consumers if they felt confident farmers were caring for animals and the environment, which the vast majority, around 80% for each category, did. Johnson said flexibility in farming is 'crucial' for farmers to provide a variety of consumer options. Consumers agree, with 86% responding that farmers should have the flexibility to explore different farming techniques. 'Year after year, farmers and consumers have been feeling the pinch of high costs and that is only exacerbated when individual states enact restrictions on production practices that ultimately impact prices at the grocery store,' Johnson said. SUPPORT: YOU MAKE OUR WORK POSSIBLE
