Mix the yeast, 125 ml of the water and the honey and leave in a warm place until the mixture begins to froth. Combine the flour, pepper and salt in a mixing bowl.
Make a well in the centre of the flour mixture and add the yeast mixture. Working from the sides, mix the flour and liquid. Gradually add enough of the remaining water to make a soft, sticky dough.
Knead for 7 minutes or until the dough is fairly soft and elastic and no longer sticks to your fingers. Add the prosciutto and knead to distribute it evenly.
Dust the dough with flour, cover and leave in a warm place for 20 minutes. Roll the dough into a 40 cm-long roll, bring the ends together so they overlap by about 4 cm and form a ring.
Press the ends together firmly. Put the ring loaf on a greased baking sheet, cover and leave in a warm place to rise for about an hour or until it has doubled in size.
Meanwhile preheat the oven to 230°C. Brush the loaf with the melted lard or butter and bake for 20 minutes. Reduce the heat to 200°C and bake for another 10-15 minutes.
Brush the bread with lard or butter as soon as it comes out of the oven and serve with lard and thin slices of Parma ham.