Food prices to go up

06.08.2018 - 13:39
Food prices to go up
The hot summer in Europe will lead to a price increase for grain products, meat and dairy products in the coming weeks

The drought and the high temperatures throughout Europe will make food more expensive, according to Danish experts.

Imported grains, dairy and meat products are expected to see the highest price increase.

Klaus Kaiser, the business economics manager of Danish think tank Seges, told Danish national broadcaster DR that the high temperatures will have a strong impact on the primary industry, resulting a price increase in raw materials, which will also make the end products more expensive.

As grains are particularly exposed to the heat, grain products, flour and oatmeal are expected to see the highest price increase.

Meat and dairy products will also be affected due to the shortage of grass and fodder for livestock caused by the drought.

It is difficult to predict any exact figures for the price increase. According to Nils Rasmussen, the CEO of Danish consultancy firm Patriotisk Selskab, a cautious estimate would be that the price of e.g. a packet of oatmeal might rise by DKK 1 and the price of a loaf by DKK 0.25.

Klaus Kaiser adds that the price increase also depends on how retailers choose to respond to the situation.

“It is possible that consumers will be seeing great price increases, because retailers have previously taken advantage of periods with food shortage to push the prices further up than necessary,” he told DR.

These estimates are made for the Danish market and do not apply directly to the Faroese market. However, according to Statistics Faroe Islands, a vast majority of imported food in the Faroes comes from Europe, particularly Northern Europe.

In 2017, some 44 percent of imported food came from Denmark, followed by Germany (8 percent) and Iceland (5 percent). Next on the list are the UK, Holland, Sweden, Spain, Italy, Poland and France.

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