Consumers in Hungary will have to get used to the HUF 1,000 price of bread

Published 2022년 11월 7일

Tridge summary

Hungary has experienced a severe wheat shortage due to summer drought, leading to the necessity of imports and an export ban on domestic grain. The war in Ukraine further disrupted the European grain market, causing prices to surge. The price of agricultural inputs and producer prices increased by 40.6% and 40.3%, respectively, in the first half of 2022 compared to the previous year. The cost of animal feed and seeds also escalated, with the price of white bread per kilo potentially reaching over a thousand forints. The average price of goods and services consumed in agriculture in Europe also increased drastically, with cereal prices rising by 68%.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Hungary had to import wheat this year, which is one of the consequences of the brutal summer drought. Due to the drought, the farmers managed to collect a fraction of the previously produced wheat from the fields. The Hungarian government ordered an export ban on domestic grain back in March, even though the extreme drought could not have been predicted then. Agriculture Minister István Nagy stated at the time that the war in Ukraine created an extraordinary situation in the European and Hungarian food economy, since Ukraine is the fourth largest food supplier in the European Union. Bread is expensive. Mandiner wrote that grain market prices and feed prices have risen radically due to Ukrainian crops falling from the market. In addition, as a result of the fear of shortages, the demand for the purchase of Hungarian agricultural products abroad is also increasing significantly - said the Minister of Agriculture at the time. According to the article, the deficit in the war-torn ...

Source: Magro