The consequence of the Russian invasion in Ukraine
The evolution of the bread consumer price index (CPI) curve shows a significant increase from February 2022, i.e. at the time when the the Russian invasion of Ukraine (see below). As a reminder, the CPI is a tool that measures the evolution of the average price level.
For the European Statistical Office Eurostatthe war in Ukraine explains the explosion in the price of bread: “It has significantly disrupted global markets”.
Relatively low inflation compared to our neighbors
However, Belgian bread price inflation remains among the lowest in the European Union and is below the average of 18%. In Hungary, for example, inflation reaches 66%. It is the country hardest hit. This is followed by Lithuania (+33%), Estonia and Slovakia (+32%). Belgian inflation is more similar to that of France, the least affected country (+8%), the Netherlands and Luxembourg (+10%).
This increase in the price of bread is part of a context of general inflation. Bread is not the only product concerned. The price of vegetables, meats and oils has also risen sharply. In Belgium, inflation reached 9.94% in August : unheard of since March 1976.
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