With food prices increasing substantially over 2022, sugar has been one of the food products with the highest price hike. Monthly data indicates a continuous increase in the annual rates of change starting August 2021, reaching 61% in February and March 2023, meaning that sugar prices in the EU in those two months were, on average, 61% higher than in the same months of 2022.
The annual rate of change for March 2022 was almost six times lower (11%), and the difference is even more sizeable two years back, in March 2021, when the rate was 1.6%.
In March 2023, the highest increases in annual inflation for sugar were recorded in Czechia (98%), Estonia (97%), Poland (82%), Germany (72%), and Latvia (70%), while smaller but still considerable increases were registered in Hungary (17%), followed by Luxembourg (19%), Belgium (35%), Bulgaria (36%) and Ireland (37%).
