Prices of essential foods surge in Spain – media

Food prices in Spain soared by 30.8% in July compared to the same month in 2019 before the outbreak of Covid-19, El Mundo reported on Friday, citing the latest data from analytics firm Funcas. 

Overall prices more than doubled in the EU’s fourth largest economy, surging by 54.4% over the past two decades, figures show. Food prices alone surged by 79.3% over the same period. 

Among the products that saw the steepest price rises over the past year were sugar (44.2%), potatoes (38.8%), rice (22%), canned fruits (19.4%) and confectionery (18.2%). Milk rose by 17.6%, pork by 15.8%, eggs by 12.8%, and fresh fruits by 11.6% in the same period, according to the data. 

Olive oil jumped by 115% year-on-year, marking the highest price increase ever, according to data from Mintec.  

Spanish food inflation was driven by a number of factors, such as soaring energy, fuel, and fertilizer prices, as well as a shrinking supply of certain commodities on the global market, Funcas said. 

A prolonged drought, which Spain has been experiencing since last summer, also contributed to the rising food prices. Severe weather conditions are now threatening the global olive oil supply, with prices spiking around the world. 

In the coming months the price surge will continue in Spain, according to El Mundo, with overall inflation expected to reach 5% in December.

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