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Date Published: 20/07/2022

ARCHIVED - Spain suffers the biggest rise in food, transport and hotel prices of the main European economies

ARCHIVED ARTICLE

Fruit and olive oil are now more expensive in Spain than anywhere else in the EU

<span style='color:#780948'>ARCHIVED</span> - Spain suffers the biggest rise in food, transport and hotel prices of the main European economies

The cost of living crisis continues to worsen across the European Union, where the CPI has broken yet another record with a year-on-year rise of 9.6% in June. Worryingly though, Spain’s inflation has far exceeded this average, with a rate of 10% and has beaten three pf the other large economies: Italy (8.5%), Germany (8.2%) and France (6.5%).

Food and drink

Everybody has noticed an increase in supermarket prices and for good reason: last month, food and beverages were 13% more expensive in Spain than at the same time last year. In comparison, the cost in Germany only rose by 11.8% while this increase dropped to 9.2% in Italy and just 6.3% in France.

The biggest culprits are pasta, which has risen by 28.8% in the last 12 months, milk (+20.7%), olive oil (+27.2%) and fruit (+17.1%).

In fact, both olive oil and fruit are now more expensive in Spain than anywhere else in the EU.

Transport

Transport costs in general have also grown more in Spain than the other three nations, skyrocketing by 18.7%.

Interestingly though, fuel prices, which have been blamed as one of the main causes of inflation, soared in France by 40.3%, well ahead of Spain (+38.9%) and the other two countries.

Electricity and gas

As far as electricity is concerned, prices in Italy have increased by 81%, more than double that of Spain (33%) and far behind are Germany (22%) and France (7.6%).

But where the biggest impact of the war in Ukraine can be seen is with natural gas. This energy source jumped by 22.9% in Spain in June, but thanks in part to the ‘Iberian exception’ it costs almost three times less than in Italy, and half of the price in France and Germany.

Hotels

One surprising contributor to the rise in CPI was hotels and other tourist accommodations in Spain, where prices have risen the most in the EU, by a substantial 45%.

Image: Archive

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