Friday, 12 August 2022, 12:59
Prices are going up in Spain every month. The National Institute of Statistics (INE) has just confirmed that inflation rose to 10.8% in July, the highest figure since December 1984. It went up from the June figure of 10.2% due to the higher price of electricity and basic food items.
Fuel prices dropped last month, but that was not enough to compensate for a 41% rise in energy products compared with July last year, or an increase of more than 20% on foods such as cereals, eggs and milk.
Inflation is now firmly in double digits and has been going up for three consecutive months after dropping unexpectedly to 8.3% in April. In May it rose to 8.7% and then 10.2% despite the government’s attempts to lower it through measures including the cap on gas prices.
No official body dares to talk about transitory inflation or blame energy and fuel costs now. What began with a rise in electricity prices a year ago has spread to all sectors, especially foods, and this has serious consequences for families, who are worried about how much the cost of their basic food shopping is going up.
The underlying inflation rate (which does not take into account fresh foods or energy, the most volatile elements), also rose in July to 6.1%, the highest rate since January 1993.
In comparison with prices in July 2021, fuel has gone up by 34% (although it has dropped by 2% since June), energy products by 41.4% and heating by 44%. The situation regarding food is especially alarming. Vegetable oil, for example, has gone up by 28.6% in a year, eggs and milk by 22.5%, cereals by 20% and bread by nearly 15%.
Other products where the price has risen by double digits in a year include chicken (16.3% more expensive), fish (11.4%), beef (14.5%), fruit (15%), potatoes (13.5%), and coffee and cocoa (12%).
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