The growth rate of food prices will already exceed incomes this year

Csaba Héjja, senior analyst of Takarékbank’s Agrarian Business, Agrarian Analysis, Product and Process Support Center, started his presentation by presenting the macroeconomic situation. Based on various indicators, the world economy has found itself in a situation not seen in the last 40 years. The financial crisis of 2008 and the Covid crisis of 2020 were different both in their nature and in their management. And the first-round effects of the Russian-Ukrainian war further worsen the outlook. Despite all this, households in Eastern and Western Europe spent more on food, which was also presented above in the consumption structure. Has food ever been so expensive? – asked the analyst, explaining that from the 1960s to 2000, the performance of agriculture increased in such a way that the real price of food decreased. A trend reversal occurred in the 2000s, and then after the 2008 crisis, there were years of peace until 2021.