A recent study by CaixaBank Research has highlighted a significant increase in meat prices in European markets, with a surge of 80% since December 2020, driven by rising feed and energy costs that are being passed on to consumers. Despite this, prices of cereals and dairy products in Europe have seen a decline this year. In Spain, while production costs have dropped slightly due to lower energy and fertilizer prices, they still remain highly elevated. The ongoing drought, the most severe in March, has resulted in lower agricultural harvests, contributing to the rise in food prices. The study emphasizes the unpredictability of future price trends due to factors like the war in Ukraine and the drought, and anticipates a continued decline in per capita beef consumption in the EU, potentially dropping below 10kg in 2023.