Wednesday, 27 September 2023, 11:10
The rise in the price of "liquid gold" in Spain has exceeded 50% in barely a year, according to the latest data from the country's national statistics institute (INE) a litre of olive oil costs more than eight euros in supermarkets.
This has had a big impact on the cost of filling a shopping basket which soared by 12% in August compared to the previous year, according to a study by the NIQ consultancy firm. The problem is that in the period analysed, the volume of sales of consumer goods barely grew by 2.7%. In other words, to buy practically the same thing, consumers in Spain had to spend much more due to price rises.
The data produced by the firm showed that olive oil increased in price by 62.3% in August compared to the previous year, while the extra virgin range increased in price by more than 60%. Meanwhile, sunflower oil, which has increased its sales volume, fell by 39.9%.
The complex trading environment resulting from a bad harvest season has not only affected consumers. Manufacturers' brands have also been affected, as was highlighted this week by Deoleo, the producer of brands such as Carbonell, Koipe and Hojiblanca. The company lost 9.7 million euros in the first half of the year, with a drop of almost 22% in sales compared to 2022, at a time when rising prices have caused many consumers to opt for cheaper non-branded products. These forecasts caused the company to plunge 5% on the stock market on Monday. This fall was extended on Tuesday by a further 3%. Deoleo anticipates further falls in production and, therefore, further price rises.
But it is not only oil that has had an impact on family budgets. The NIQ study also reflects a notable rise in the price of sugar, frozen vegetables and rice, which were 22% more expensive in August. Children's foods rose by almost 20%, as did mass-market pharmaceuticals. And other everyday products such as cheese and cereals also rose by double digits.
The study shows that food in the period analysed has seen a total increase of 9.3%, compared to the 7.4% rise in the price of drinks and the 7.3% rise in drugstore and perfumery prices.
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