In July, Spanish food prices soared by 30.8% compared to the same period in 2019, prior to the Covid-19 outbreak, according to a report in El Mundo on Friday, which examined the most recent data released by the analytics firm Funcas.
The fourth largest EU economy saw prices overall more than double, increasing by 54.4% over the past 20 years, according to the data. Over the same period, food prices alone increased by 79.3%.
The prices which increased the most over the previous year were sugar (44.2%), potatoes (38.8%), rice (22%), canned fruits (19.4%) and confectioneries (18.2%). According to the data milk was up by 17.6%, pork by 15.8%, eggs by 12.8%, and fresh fruits by 11.6% over the same period.
According to data from Mintec, a 115% increase in the price of olive oil was the highest increase ever.
There were a number of factors underlying food inflation in Spain, including soaring energy, fuel, and the prices of fertilizers, as well as the diminishing supplies of specific commodities on the world markets, according to Funcas.
The increases in food prices were also related to a prolonged drought which Spain has been undergoing since last summer. In addition, severe weather is now also threatening the world’s supply of olives, causing prices to spike across the globe.
According to El Mundo, price surges are expected to continue over the coming months, with overall inflation hitting 5% in December.