Europe's blisteringly hot summer is forecast to result in the smallest potato crop in years, threatening further price rises for popular foods such as fries just as consumers contend with spiralling inflation.
Potatoes, a staple for households whether bought fresh or as prepared items such as fries or crisps, are among summer crops to have suffered this year from record temperatures and Europe's worst drought in 500 years.
Germany's agriculture ministry did not give a harvest forecast in an Aug. 26 crop report, but said prospects for the potato crop had "drastically worsened". Irrigation has curbed the effect of drought on equipped farms, but plants have also wilted in successive hot spells. That could pose headaches for processing potatoes, for which contracts stipulate criteria such as how long fries should be."It will cost more for the industry, more for the consumer, but the biggest cost will be for farmers," said Christophe Vermeulen, chief executive of Belgian industry group Belgapom, estimating the country's crop could fall by as much as 30%.
His shop already increased prices by around 10% this year due to energy costs, which can weigh more than potato prices in the cost of making fries. On the EEX exchange, the most active European potato futures, for April 2023 delivery , are up nearly 50% so far this year, having reached a contract high in early August.
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