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ECB sees limited inflation impact following from higher food prices

FRANKFURT -- Rising international food commodity prices are likely to have only a limited effect on euro area inflation, the European Central Bank (ECB) said on Thursday.

“Movements in international food commodity prices are not always directly relevant for consumer food prices in the euro area,” the ECB wrote in its latest monthly report.

The recent spike in food commodity prices is “mainly the result of specific regional supply shocks” such as the worst drought in the United States in half a century, the ECB said.

Furthermore, in Europe, farm gate prices set by the EU's Common Agricultural Policy “typically have a stronger bearing on consumer food prices than international commodity prices,” it said.

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