Euro leads to food price hike

- Last updated on GMT

Related tags: European union, Euro

The introduction of the euro has pushed Spanish food prices up by 8
per cent since the start of the year, more than twice the rate of
inflation.

One of the many fears related to the introduction of the single European currency in January this year was that the new money would be used to hide increases in prices.

According to the latest research from Spanish consumer protection organisation Ceacu, this is exactly what happened.

A study by Ceacu showed that the average food basket cost around 8 per cent more since the introduction of the Euro in Spain and 11 other EU countries in January. This is double the predicted rise in food prices because of inflation, Ceacu's food expert Yolanda Quintana told Europa Press​.

Quintana said that more action was needed by both the government, to control prices, and by companies, to act more responsibly when setting prices, in order that the situation does not become more serious.

Ceacu's research also shows that food safety remains the main cause for concern among consumers, especially when it comes to novel foods which contain genetically-modified ingredients, while the lack of information on labels is also a source of worry.

Related topics: Market Trends

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