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Date Published: 10/06/2022

ARCHIVED - Spain sees largest rise in food prices since 1994

ARCHIVED ARTICLE

Experts believe prices in Spain won’t begin dropping until 2024

Nobody has escaped the endlessly rising prices of recent months but on Friday June 10 the data confirmed the speculation: inflation has risen to 8.7% in the last month, with staggering increases in the cost of food, transport and hotels pushing up the figures. And although electricity bills experienced a slight respite last month, grocery prices rose to their highest cost in almost 30 years.

Food

During the month of May, the price of food and non-alcoholic beverages rose by 11% compared to last year, the highest increase registered since January 1994. The biggest jumps weren’t in luxury items but in everyday grocery products, cupboard staples like olive oil (+35.5%), pasta (27.9%), flour (25.5%), eggs (25.3%) and butter (17.6%).

Since the war erupted in Ukraine, Spain has been experiencing wheat shortage which has pushed up the cost of bread by 12.6%, but other notable increases were seen in poultry (up by 13.6%), beef (12.3%) and fish (11.7%).

Transport

The rise in petrol and diesel has been felt across Europe and despite the fact that the Spanish government has agreed to maintain the current 20-cents per litre discount until October, fuel costs just keep climbing.

In May, transport costs overall were 14.9% above the level registered last year: diesel has increased by 33.9% while the price of petrol has increased by 23.5% over the 12 month period.

Household spending

This area has seen a rise of 17.5% compared to last year, which is actually a one-point dip on April’s figures. Household spending takes into account the price of electricity, which was up by 30.2% last month, but with the EU green lighting Spain’s cap on natural gas prices this week, it is hoped that energy bills will drop by around 20% in the coming months.

Another group of products that has been rising in price quite a bit in recent months is hotels, cafes and restaurants, which have become more expensive by 6.3%. In this section, the very strong rise in the price of hotels, hostels and other accommodation services stands out, which are 45.4% more expensive today than a year ago.

Image: Archive

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