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ARCHIVED - Food prices in Spain increase for third consecutive month
The cost of staple items like olive oil continues to skyrocket in Spain despite tax cuts
At the beginning of the year, the Spanish government slashed the VAT on dozens of staple grocery products which have skyrocketed in price since Russia invaded Ukraine. The measure got off to a promising start and the average price of a shopping basket was marginally cheaper in January than in December 2022. However, the victory was short-lived and food has since increased in price for the last three months in a row.
This is devastating news for the average household, which is already facing further hikes if the drought situation worsens and reduces the crop yield this summer.
The cost of a basic basket of food products like bread, milk and eggs has jumped by 3.05% this month compared to January, a considerable increase on the 2.93% rise seen the previous month. This is according to the Association of Financial Users (Asufin), which pointed out that the price hike is equivalent to around 90 cents overall.
Supermarkets across Spain have been see-sawing in terms of their prices and this April, El Corte Inglés, DIA and Carrefour have all managed to reduce their grocery bills. On the other hand, Mercadona and Alcampo registered increases across the board.As of April 24, a basic shopping basked costs, on average, 30.51 euros, up from 29.61 euros at the end of January.
There is some good news though, as the price of several common items has gone down. The cost of rice has decreased the most, by 8.69%, followed by potatoes (-5.21%) and sunflower oil (2.05%). At the other end of the scale, bananas have become 7.57% more expensive this month and the price of olive oil has leapt up by 3.97%.
According to Asufin, these month after month increases only serve to prove the ineffectiveness of government measures like the VAT reduction to combat the effects of inflation.
Image 1: Pixabay
Image 2: Asufin
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