Surging food prices haven’t had a “real impact” on European Union household budgets for now, and any impact would be delayed.
“As far as households are concerned at this stage there should not be any real impact,” Patrizio Fiorilli, a spokesman for the European Commission, said at a briefing in Brussels today. “If there is any impact it should be delayed.”
The United Nations’ Food & Agriculture Organization index of 55 food items jumped 6.2 percent in July, the most since 2009, as drought reduced grain production in the U.S. and Russia, the FAO reported Aug. 9.
The increase in prices has mainly affected corn and soybeans, according to Fiorilli.