Food & Drinks
There’s Too Much Wine in Europe as Drinkers Shun High Prices
- Market faces large harvest plus lower consumption and exports
- Government set to boost support measures to curb the buildup
Europe’s wine cellars are brimming as soaring food and drink prices leave consumers buying fewer bottles.
High inflation and sliding exports, coupled with a strong 2022 harvest, have fueled a buildup in the bloc, the European Commission said Tuesday. That’s created a “serious loss of income,” especially for rosé and red wine producers in France, Spain and Portugal.