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Inflation. Vegetables are getting more expensive – what has increased the most? Jakub Jakubczak from BNP Paribas comments

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Vegetable prices in Poland in January 2023 were on average 20.9 percent higher than a year ago, according to data from the EU statistical office Eurostat. Bank BNP Paribas analyst Jakub Jakubczak assessed that the abrupt increase in prices is due to limited supplies from Spain and North Africa and restrictions on local winter production. As he noted, the weak zloty against the euro does not help either. Potatoes, peppers, tomatoes, onions and cucumbers rose the most.

Food & Agri Sector Analyst at Bank BNP Paribas, Jakub Jakubczak, pointed out that in the winter Europe relies mainly on the supply of vegetables from Spain and northern Africa, but these have been significantly curtailed by “January’s onset of winter, which has virtually stopped production in recent weeks.”

The expert added that greenhouse production could be an alternative, but due to, among other things, due to high energy costs, it is delayed or withheld. – In addition, the high prices in Poland are influenced by the currency market – the weak zloty against the euro makes vegetable imports even more expensive – said Jakubczak in an interview with the Polish Press Agency.

High vegetable prices

According to Jakubczak, a seasonal reduction may be expected, but its scale may be much lower than in previous years. He assessed that the situation on the vegetable market will largely depend on the rebuilding of supply from Spain and North Africa, the harvest in Poland and Europe in 2023, and when greenhouse vegetables will appear in Poland.

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– Nevertheless, we should probably expect significant price drops due to seasonality only in the second half of this year – emphasized the expert.

Jakub Jakubczak noted that according to the data of the EU statistical office Eurostat, the vegetable market is still in an upward trend. He pointed out that in January 2023, vegetable prices in Poland were on average 20.9 percent lower than in January 2023. higher than in January 2022, by about 36 percent. higher than in January 2021 and by 30 percent. higher than in 2020.

In the case of some vegetables, such as potatoes, peppers, tomatoes, onions and cucumbers, prices increase by several dozen percent in January-February 2023 compared to the same period in 2022 and 2021.

– Wholesale prices of potatoes in January-February 2023 were 85 percent higher than in the same period of 2022 and about 260 percent higher than in 2021 – noted Jakubczak. In the case of onions, it was almost 110% respectively. and 250 percent increase in wholesale prices for peppers by 66 percent. and 85 percent, and for tomatoes by 84 percent. and 54 percent

Main photo source: Shutterstock



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