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Price of groceries in Spain jumps by historic 15.2%

Price of groceries in Spain jumps by historic 15.2%
It is sharpest annual increase in 34 years, says Spanish Organization of Consumers

By Alyssa McMurtry

OVIEDO, Spain (AA)- Spain’s Organization of Consumers (OCU) reported on Tuesday that the price of groceries in Spanish supermarkets has shot up 15.2% in the last year.

That’s the sharpest annual price increase since the organization began conducting the survey 34 years ago.

“One piece of bad news is that most food products are more expensive,” said OCU spokesperson Ileana Izverniceanu. “The other is that every supermarket chain has increased prices, without exception.”

The price of the cheapest off-brand foodstuffs in grocery stores has witnessed an even stronger annual spike, with the same products costing 18.7% more than last year.

The most dramatic cost increases came in sunflower oil, which shot up 118% due to the war in Ukraine. Meanwhile, olive oil spiked 53% amid increased demand and widespread drought across Spain and Europe this summer.

At the same time, the volcanic eruption on the island of La Palma last year helped fuel a 64% price spike in the cost of Spanish bananas.

The average cost of flour was also up 50% in Spain, causing other items like pasta or muffins to surge by 56% or 75% respectively.

In total, 95% of products became more expensive amid soaring inflation fueled by rising energy and transportation costs. Only a handful of products, including kiwis and avocados, got cheaper.

However, the rising costs for Spanish consumers are not homogeneous.

For instance, average grocery prices in the cities of Vigo or Cuidad Real are significantly cheaper than in Palma de Mallorca, Barcelona or Madrid, according to the survey.

Prices also fluctuate significantly between supermarket chains, and consumers who opt for the most affordable options can save an average of €994 ($955) per year.

OCU also demands “urgent measures” to help consumers deal with the cost of living crisis, including reducing tax on groceries and offering food vouchers to the most vulnerable families.

source: News Feed
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