11 Aug, 2023 @ 14:15
1 min read

Food in Spain is over 10% more expensive than a year ago despite the country’s low inflation compared to other eurozone countries 

Food inflation remains at over 15% in Spain despite January tax cut
Alexa Free Image Pixabay

FOOD and soft drinks in Spain are 10.8% more expensive than a year ago, according to the Spanish National Institute of Statistics (INE). 

Despite Spain having one of the lowest inflation rates in the eurozone, the price of groceries is now over 30% higher than four years ago, the summer before the pandemic. 

Inflation fell by more than one percentage point in June, reaching 1.9% year-on-year, down from 3.2% in May, with fuel, electricity and food price increases easing.

After experiencing a small increase in July, it is now 2.3%, still in line with the 2% target set by the European Central Bank (ECB). 

In any case, the Spanish Government has managed to overturn a complex financial situation, as less than a year ago, inflation in the country hit 10.8%, its highest level in nearly four decades. 

Meanwhile, core inflation, which is seasonally adjusted and excludes energy, increased 0.3 points to 6.2% year-on-year.

Regarding food prices, sugar has experienced the largest increase and is now 44% more expensive than in July 2022.

Followed by olive oil (33.8%), potatoes (22.9%), rice (22%), canned fruits (19.4%), sweets (18.2%) and butter (17,9%). 

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