6. Confirming previous quarters’ trends, imported food prices continued to rise
Continuing the trend which started in Q1 of 2010, imported food prices continued to increase in Q3 of 2012, up to 2.1% from Q2 of 2012. This has, among other things, to be seen in connection to a continued depreciation of the euro against EU main trading partners.
Source: Eurostat (SBS), December 2012
In Q3 of 2012, the euro depreciated against most of major non-EU currencies, in an environment of declining volatility. The only exceptions are the Brazilian Real and Swiss Franc against which the euro slightly appreciated, i.e. by 0.76% and 0.17% respectively.
The table below gives details for the euro depreciation against major trading partners.
Table 3: Evolution of quarterly average exchange rates against several foreign countries.
Source: ECB, bilateral exchange rates, December 2012