Only low molecular, simple phenolic acids and their dimers can be easily absorbed by intestinal cells. In this study, the changes in free (unbound) phenolic acids and antioxidative capacity were tracked from flour, through bread to final in vitro bread hydrolysate. The initial material of the study included wholemeal flours made of common wheat, spelt wheat and rye, fermented with baker's yeast Saccharomyces cerevisiae or by the use of baking starter made of lactic acid bacteria Lactobacillus casei and L. brevis cultures with S. chevalieri yeast. A significant overall increase in free phenolic acids in breads and their hydrolysates was found, with the highest increase found for rye samples. The impact of the fermentation type was not consistent, showing additional crucial factors of used flours, which can affect final results. The free phenolic acid content in all the samples was correlated with the antioxidant capacity.