Monday, April 8

Gasoline, gas, fruit, meat… the curse of inflation already above 10%

Another historic climb. ANDl Consumer Price Index (CPI) sets another record again in June, cith the average price of the most common products in the shopping basket of Spaniards exceeding for the first time in 40 years an annual growth of over 10%. The high energy prices that had already been recorded since mid-2021, but that the war has ended triggering, make the rise generalized in the rest of the articles: fruits, vegetables, oil, meat, fish... none escapes the perfect storm that continues to devour the pockets of the Spaniards.

One of the biggest blows to the purchasing power of families It comes for the price of electricity. Although still the INE does not publish the evolution of this item in June as it is the CPI In advance, the rise continues to be unstoppable despite the cap on the price of gas imposed by the Government, which would foreseeably lower the wholesale price of electricity. Nothing is further from reality, the regulated electricity rate rises an average of 10% in June, according to data from OMIE and Redeia.

It is by no means the steepest climb. Since the beginning of 2022, gasoline has risen 45% and diesel 54.5%, according to data from the oil bulletin of the EU. Only in June, gasoline has risen on average by 10.3% and diesel by 11.3%. Although these prices do not include discounts of 20 cents for consumers that will remain in force until the end of the year.

To culminate it, to the spectacular rise in energy is added the rise in natural gas tariffs (TUR)which will rise by an average of 10.4% from July 1, as detailed in the quarterly review carried out by the Ministry for Ecological Transition. A fact that contrasts with the figures provided by the department headed by Teresa Ribera, which refers to increases in annual bills of between 6.41% and 8.44%.

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the basket shoots

All in all, the perfect price storm is brewing with the shopping basket. Last month’s consolidated CPI marked an annual growth of 11% for the food and beverage item. A section that highlights, among others, annual increases such as those of pasta (+27.9%), flour (+25.6%), eggs (+25.3%), whole milk (+16.7%), poultry (+13.6%), meat beef (+12.3%) and fish (+11.7%).

Other analyzes marked bulky rises between April and May in products such as bread, due to tensions with the wheat that exist in the international market as a result of the war. Specifically, for this article, the month-on-month rise was 9.6%, according to the Gelt platform, which has prepared an analysis of the escalation in prices of basic products in the shopping basket with respect to the CPI.

A document that also indicates the rise of bananas (8.6%), cereals (6.7%) or green beans (6.6%) . According to this same platform, the shopping basket became more expensive by 7% from the beginning of January to April, especially pushed by cereals (24%); oil (19%); eggs (17%); cookies (14%) and flour (10%).

However, the rise also extends to other products and services. In May, hotel nights shot up 45.4%; jewelry articles 9.3% and paper and its derivatives +11.6%.

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