10/05/2024 13:57
The annual rate of change of the consumer price of coffee in the European Union continued to slow down in March 2024, after a significant increase between 2021 and 2022, according to data released by Eurostat, the statistical service of the EU.
Cyprus was one of 12 out of the 27 member states of the EU that saw a declining inflation rate in the consumer price of coffee (-2.3%) in March 2024 compared to March 2023.
On the EU level, the annual rate of change of the consumer price of coffee in March 2024 was +1.0%, compared with +13.5% in March 2023, approaching the July 2021 level (+0.8%).
The inflation rate for coffee has been declining since October 2022, when it was at its highest (+17.4%), following a steep increase that began in October 2021 (+2.0%).
Although the increase in coffee prices slowed down in the EU overall, there are significant differences at country level.
In 15 EU countries, the inflation rate for coffee was higher in March 2024 than in March 2023. The highest positive inflation rates were registered in Croatia (+7.4%), Romania (+6.8%) and Bulgaria (+6.6%).
The remaining 12 EU countries registered declining inflation rates for coffee in March 2024. The most substantial negative inflation rates were recorded in Finland (-15.5%) and Lithuania (-15.4%), followed by Denmark (-7.5%), Czechia (-6.5%) and Sweden (-6.0%).