Issue link: https://maltatoday.uberflip.com/i/1510993
3 maltatoday | SUNDAY • 5 NOVEMBER 2023 NEWS MATTHEW VELLA AFTER substantial increases in 2022, food prices in the EU con- tinued to rise also in 2023 ac- cording to Eurostat. Prices for eggs, butter, potatoes and olive oil have been consist- ently increasing, data released by the EU statistical agency shows. In September 2023, the price of olive oil was 75% higher than in January 2021. In January 2022, prices were already 11% higher than the same month of the year before, and between September 2022 and September 2023, pric- es registered a sharp increase. Potato prices were also on a staggering rise: since January 2021, prices for potatoes in- creased by 53% in September 2023, following a peak in June 2023 (+60%). As for the prices of eggs, in September 2023, they were 37% higher than in January 2021. Egg prices stabilized in the first 2 quarters of 2023 and showed some decrease in August and September this year. Butter prices evolved in a sim- ilar manner. Prices for butter peaked in December 2022 (+44% compared with January 2021) and then slowly started to de- cline. In September, butter was 27% more expensive than in Jan- uary 2021. A comparison of food prices with European wages by the Eu- ropean Confederation of Trade Unions shows that the prices of basic foodstuffs was rising up to seven times faster than wages. Nominal wages have increased by 11% in the EU and 10% in the Eu- ro area over the last three years. At the same time, the European Central Bank has noted a huge rise in profits in the agricultural sector. In fact, it appears that unit profits have increased faster than unit labour costs since the start of 2022 after the pandem- ic, namely in the agricultural sector, supported by rising food prices, as well as energy due to higher prices, construction due to higher housing demand, and manufacturing due to restrained supply in the face of high de- mand. "The reality behind today's fig- ures is millions of people strug- gling to put food on the table for themselves or their families despite working long hours in tough jobs," said Esther Lynch, ETUC general secretary. "The evidence shows that ma- jor corporations are profiting from the increase in prices, with profit increases in agroindustry second only to those in the en- ergy sector. "Meanwhile wages are still fail- ing to keep up with the cost of the most basic food stuffs, in- cluding for workers in the ag- riculture sector itself, forcing more and more working people to rely on foodbanks. "Leaders need to address the real cause of inflation by impos- ing a windfall tax on excess prof- its and ensuring that workers' right to collective bargaining is respected. Europe needs a pay rise not pay restraint and high interest rates." Europe data shows food prices rising faster than wages In September 2023, the price of olive oil was 75% higher than in January 2021, according to Eurostat