• Inflation moderated to 7.3% year-on-year in October but food rose 15.8%

Prices

in Spain

today are

0.3% higher

than a month ago and

7.3% higher than a year ago

, but in this time they have experienced ups and downs.

However, the price of

food

has been rising consistently, non-stop, since September of last year.

According to the data published this Tuesday by the INE,

food is 15.8% more expensive today

than a year ago and only in October have they become more expensive

by 2.4% compared to September

, increases well above the average of what prices increase in Spain.

In fact, while the INE's general inflation index shows a stagnation or slight decline in prices since June, the food index has grown non-stop and

has set a record

last month.

Food

also has

a

very important weight in the consumption basket of

citizens, hence such a high increase means a break for the pockets of families.

Only in October,

sugar has risen by 27%

, which means that a one-kilo package that sold for 1.30 euros in September will have cost 1.65 euros in October, 35 cents more in a single month.

Fresh

fruits

have become more expensive in a single month by

10%

-a kilo of apples has gone from 1.60 to 1.76 euros-;

while

legumes have risen 8.3%

in one month -a kilo of lentils costs 1.73 instead of 1.60-.

Although these are the foods that show the strongest rises, all those that make up the shopping basket are more expensive than in the previous month:

yogurts

rose 3.7%;

cheese

,

2.2%;

rice ,

2.1

%, and

olive oil,

2%, among others.

It is striking that food continues to rise despite the fact that the main costs of companies have begun to loosen.

Electricity

has fallen by 22.5% compared to September,

which means that although the producers have had a lower bill this month than the previous one, they have not yet passed on that decrease to final prices;

while

natural gas

has also fallen in October, 8.4%.

Processed foods have been sold this year on average for 10.2% more expensive than in 2021, and fresh foods, 11.2% more expensive

funcas

The same has not happened with

fuel

, which has risen in October compared to the previous month, making transport costs more expensive.

Diesel has

risen

by 3.5%, while

gasoline

has become more expensive by 2%.

The increase in the price of food in October is added to those that have occurred in the last thirteen months, which is why if we compare the prices with those that were in the country

a year ago

, we see that today

sugar

is 42, 8% more expensive;

flour costs

37.8

% more;

butter ,

34.1

%;

sauces and condiments

have

risen 29.2%;

legumes

(+25.7%), whole

milk

(+25.6%) and

eggs

(+25.5%).

Going to the supermarket is much more expensive than a year ago.

Constant label changes

The monthly increases that have been taking place in food also demonstrate a change in trend on the part of the

selling surfaces,

which traditionally were more conservative and applied

price increases two or three times a year.

The monthly increase in prices confirms that it is more profitable for companies to change the labeling of their products from time to time, despite the fact that this change itself entails a cost.

Food continues to rise, despite the fact that the price of raw materials has been falling for months and also despite the fact that electricity is falling, and experts forecast that they

will continue to rise in the coming months

despite the relief of inflation.

Funcas

believes that

processed foods will rise another 0.5% in November

and 0.4% in December, while

fresh

foods will remain unchanged this month and will rise one tenth in December.

This means that this year the processed products will have sold on average 10.2% more expensive than in 2021, and the fresh ones, 11.2% more expensive.

In 2023 they will continue to rise,

so that on average for the year

processed

products will cost

6.7% more

than this year and

fresh

products will cost

9.7% more.

These are expected increases much higher than those of the average of goods and services that we consume, since

Funcas

leaves the

average inflation

for 2023 at

4.7% per year.

According to the criteria of The Trust Project

Know more

  • INE

  • Inflation