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Webinar

The hunger games: are food prices being played?

A 360 degree look at the food price inflation crisis to find out what’s causing the surge in prices and when consumers can expect prices to calm.

Thu | Jun 01 |

15:00

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Thu June 01 2023 15:00:00 GMT+0200

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About this Webinar

Food prices have been rising steadily since mid-2021. Today food price inflation in the EU/eurozone stands at over 15%, defying the overall drop in inflation to 6.9%. A recent Euroconsumers survey revealed that four in five consumers believe companies are taking advantage of the cost of living crisis for profit. Our members have found that products are shrinking and prices are rising. At the same time half of consumers surveyed don’t trust national and EU authorities to control unjustified price increases. Why is this the case? Start Talking this month will take a 360o look at the food price crisis to find out what’s causing the eye watering surge in prices and when consumers can expect prices to calm.

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Meet the Speakers

Amaury Ghijselings

Advocacy Officer Food Sovereignty, CNCD 11.11.11

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Francesco Tramontin

Vice President EU Institutional Relations at Ferrero

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Vincent Colot

Senior Financial Analyst,Euroconsumers

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Agustin Reyna

Director, Legal and Economic Affairs, BEUC

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Anton Delbarre

Chief economist, Eurocommerce

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Top questions:

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Is it still about post-covid and the war in Ukraine or is more going on?

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Are the ‘food oligarchs’ behind the handful of global food corporations controlling access to a basic necessity?

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Are hedge funds profiteering by “betting on hunger” for a future windfall while ordinary people can’t put food on the table?

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Are supermarkets guilty of not passing on savings to customers?

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Three important considerations come to my mind: It's essential to acknowledge that food is not uniform across all categories, which necessitates tailored solutions. Transparency should be driven by effective regulations. Lastly, innovation in how we establish business relationships is crucial.

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Francesco Tramontin

Vice President EU Institutional Relations at Ferrero

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The global context & current crises, such as the Ukrainian war, can't be ignored as they contribute to rising prices. Also, various food chain components, including machinery/fertilizer producers have a significant impact

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Amaury Ghijselings

Advocacy Officer Food Sovereignty, CNCD 11.11.11

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The picture is complex: consumer behaviour plays a role, with expectations of price increases. Shrinkflation is another factor, where product volumes decrease while prices stay the same. Consumers face challenges in comparing prices due to a complex system. Some believe that inflation is driven by profit rather than costs. We recognise the problem, but without a proper competition tool, we lack the ability to intervene

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Agustin Reyna

Director, Legal and Economic Affairs, BEUC

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Operating margins are key; they have already been fragile before, and each year companies need to invest in innovation, marketing, and adapting to consumer needs. These are also the reasons, outside of the crises, which have driven the prices up.

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Vincent Colot

Senior Financial Analyst,Euroconsumers

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If we want sustainable products, innovation and collaboration are crucial. To keep prices affordable, we must address market failures and market segmentation

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Anton Delbarre

Chief economist, Eurocommerce

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