The increase in basic products such as olive oil places Spain above the European average
The Bank of Spain launches a clear warning: the cost of food will remain elevated over the next few years. Compared to the economic and monetary union, the country already accumulates a 6% difference in the increase since 2019, which places Spanish homes in a particularly vulnerable position against food inflation.
One of the most striking examples is that of olive oil. In Spain, its price has risen 139% since 2019, compared to 102% on average in the Eurozone. This is due, among other reasons, that this product has a greater weight in the Spanish purchase basket, according to information published in The observer.
Global factors
The report of the Bank of Spain indicates that phenomena such as climate change, commercial restrictions imposed by some countries and geopolitical tensions are making pricing stabilization difficult. The combination of all these elements helps to maintain pressure on the markets and the consumer pocket.
The forecasts are not encouraging. Institutions such as the FAO or the World Bank agree that the cost of food will not experience significant drops in the short or medium term. Spain, due to its particular consumption structure, will continue to notice the effects with greater intensity than other European countries.
