Chocolate boxes won’t be a sweet deal this Valentine’s Day in Romania

• The price of silver increased only 3% compared to two years ago, making a piece of silver jewelry the ‘best value’ gift
• Our commodity price proxy for the most common Valentine’s Day presents has risen 23% over the past two years, more than the overall EU consumer price inflation
• Consumers might reconsider a steak supper with the price of beef and poultry up 46% and 19% respectively.

Love may be in the air, but has come with a hefty price tag  for EU and Romanian consumers this year, with the pinch of inflation threatening the affordability of romantic celebrations. According to Valentine’s Day Index⁽¹⁾ by social investing network eToro, a piece of silver jewelry is the ‘best value’ gift you can pick, with silver prices up only 3% from 2021. If opting for gold, consumers must be ready to pay a price tag 13% higher compared to two years ago.

The index looks at Valentine’s Day essentials such as jewelry, candy and a meat-based dinner by analysing the commodity prices of gold, silver, cocoa, sugar, beef, and chicken. The cumulative value of the six commodities has risen 23% in the past two years, more than the 16,2% increase in overall EU consumer price inflation recorded in the same timeframe and almost 19% increase in overall Romanian consumer price inflation.

If the plan is a dinner out, this is the present weighing heaviest on consumer wallets compared to past Valentine’s Days, with the protein price proxy of beef and chicken prices increasing 33% since 2021 as producers, restaurants and households also feel the pressure from utility bills. Less harsh on finances but still coming at a cost, a chocolate box won’t be a sweet deal, with commodities like cocoa and sugar rising 29% on average.

Ben Laidler, Global Markets Strategist at eToro, commented: “Bad news keep coming for European consumers already battling interest rate hikes and rising energy costs. Hopeless romantics in Europe feel the full impact of inflation during their Valentine’s Day celebration with jewelry, chocolate and dinners out coming in at a price. Despite the increase in Valentine’s Day commodities prices being less than the 31% increase in broad based commodity prices⁽²⁾, we can’t say ‘love don’t cost a thing’.”

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Notes to editors:

• eToro Valentine’s Day Index is a simple weighted index of spot gold, silver, cocoa, sugar, beef, and chicken commodity prices. Data collected on 27.01.2021 and 27.01.2023, from Refinitiv. Prices have been analysed in USD and converted to EUR using the closing exchange rate on the date of collection. Full data below:

(2) Source: 22-member Bloomberg Commodity Index