31st May 2023
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Food prices in Spain have risen more than 15% since January last year

Prices for food and non-alcoholic beverages in Spain rose by 15.4% year on year in January, according to data issued on Wednesday by the National Statistics Institute (INE). And the figures show food prices in January rose by 0.4% compared to December.

Inflation continues to be a major issue for consumers since the Ukraine war began almost a year ago, despite the Spanish government taking action to reduce or eliminate IVA on basic foodstuffs. ALSO READ: Shops across Spain apply VAT reductions on essential foods.

However, Spain’s Ministry of Economic Affairs said that if only the prices of foodstuffs with reduced or eliminated IVA are taken into account, a fall of 1.6% compared to December can be observed. Figures show that the price of bread has fallen by 0.2%, milk by 1.5% and eggs by 1.5%, comparing January to December.

Other foods currently with zero IVA also saw their prices fall for January, according to the INE figures. These show that fresh fruit fell 4.2% in price, potatoes (-1%), flour (-2.3%) and cheese (-0.7%). In addition, the reduction of VAT from 10% to 5% on olive oil led to a reduction in its price of 1.2% and that of pasta by 3.5%.

Spain’s consumer price inflation rose more than initially estimated in January, largely driven by the increased food costs, final data from the INE also revealed.

The consumer price index climbed to 5.9% year-on-year in January, faster than the 5.7% gain in December. In the initial estimate, the rate of increase was 5.8%.

Likewise, EU harmonised inflation increased in January, to 5.9% from 5.5% a month ago. The inflation rate for January was revised up slightly from 5.8%.

Underlying consumer prices, excluding energy and unprocessed food, advanced at a faster pace of 7.5% in January after rising 7% in the previous month, as estimated.

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