Inflation pressure turns daily morning habit into expensive luxury — Eurostat

The EU statistics office says prices of coffee, sugar and milk have surged

The price of coffee in the EU saw an average year-on-year surge of 16.9% in August, the bloc’s statistics office reported on Thursday, adding that milk and sugar prices also rose. 

“Recent price rises might make this morning staple almost a luxury,” Eurostat said, explaining that the price of coffee in August 2021 was on average 0.5% higher than in the same period a year ago.

Fresh whole milk in August cost 24.3% more on average than a year before, while consumers paid 22.2% more for fresh low fat milk, the agency added.

Meanwhile, sugar saw the sharpest spike in August, with its average price soaring 33.4% from the same month of 2021, when growth amounted to 0.8%.

According to the agency, prices increased for these four items in all EU member states except Malta, where the price of fresh low fat milk was unchanged.

READ MORE: Global coffee prices about to soar – WSJ

Finland and Lithuania saw the most drastic changes in coffee prices, up 43.6% and 39.9% respectively, followed by Sweden and Estonia. Meanwhile, Poland saw the highest jump in sugar prices, which skyrocketed by 109.2% compared to August 2021.

Overall consumer price inflation in the Eurozone hit 9.1% in August, driven by energy and food prices. According to Eurostat's flash estimate, it reached a new record of 10% in September.

Find more stories on economy and finance in TROIB business