High food prices: do you prefer special offers over sustainability?

Status: 22/06/2022 09:45 a.m.

The largest companies in the EU should provide information on the viability of their business in the future. At least when you buy groceries, this criterion seems to be secondary due to the high prices for consumers.

According to research, rising prices and concerns about food shortages currently dominate consumer purchasing behavior. This is the result of a representative online survey commissioned by the German Institute of Food Technology (DIL) in Quakenbrück and the state initiative for the food industry in Lower Saxony. From April 21 to 25, almost 1,500 people across Germany were interviewed.

Respectively, in the current situation, the respondents pay special attention to the special offers and the cheap grocery items. While sustainability was still particularly important to many people during the coronavirus pandemic, aspects of climate and environmental protection are obviously now secondary to some consumers.

The reason for this is probably the rise in food prices: almost 70 percent of respondents said they sometimes spend significantly more money on food than before the war in Ukraine. About 24 percent said they spent the same amount of money on food as before the start of the war.

Food prices are rising rapidly

According to the Federal Statistical Office, food prices rose again significantly in May: Food prices for private households rose by 11.1 percent last month compared to the same month last year. In April, the percentage was still 8.6%.

Edible fats and oils in particular became significantly more expensive in May, with a 38.7% advantage. But meat, dairy products, eggs and bread also double-digit inflation.

According to the survey, almost 80% of respondents are concerned about possible food shortages: more than half expect restrictions on cooking oils (67%) and staple foods such as flour, sugar or pasta (58%) or bread and pastries (36%). one hundred) for possible.

Sustainability information becomes mandatory

In the meantime, regular updates on the viability of their business are becoming mandatory for larger companies in the European Union. Companies with more than 250 employees and an annual turnover of 40 million euros or more must submit corresponding reports by 2024.

Non-EU companies with an annual turnover of at least € 150 million will have to comply with relevant regulations. Negotiators from the EU states and the European Parliament agreed on this late yesterday afternoon. Both sides have not yet formally confirmed the agreement.

challenges for companies

“Financial and sustainability reports will be on an equal footing and investors will finally have access to reliable, transparent and comparable data,” he said. According to the Council of EU States, exceptions should be possible for small and medium-sized enterprises in a transitional period until 2028.

CSU MP Angelika Niebler described the agreement on the German middle class as unsatisfactory. The fact that small and medium-sized listed companies “will have to report on viability can create huge challenges for the companies concerned,” Niebler said. “They have to change their procedures, hire extra staff and strictly monitor compliance. All of this costs our companies a lot of time and money.”

Leave a Comment