THE rocketing price of extra virgin olive oil is the stand-out feature in a survey of Spain’s food inflation over the last 12 months.
The consumer group Facua says that olive oil has gone up by 69% in its study of 30 food category prices between January 2023 and January 2024.
A 500-gram punnet of strawberries has increased by 52% and a five-kilo bag of potatoes has seen a 31% price hike.
The Facua study has analysed prices in major retailers such as Alcampo, Aldi, Carrefour, Dia, Eroski, Hipercor, Lidl and Mercadona.
They’ve also looked at what is being paid for 13 products at the point of origin and what the final price is for customers.
Facua says that in most cases, profit margins at supermarkets have exceeded increases at source, suggesting profiteering by companies.
The group will be presenting its findings to the government and it is urging an investigation that could see fines handed out to offenders who may have violated laws over essential products that saw a VAT cut at the start of 2023.
In contrast to olive oil, sunflower oil has seen an average 29.1% reduction in its price, following the sharp hike experienced in 2022 due to Russia’s invasion of the Ukraine.
Fruits and vegetables have also shown significant fluctuations with Fuji apples and carrots seeing increases of 27.6% and 26.2% respectively over the last year, while sliced mushrooms and onions have seen their go up by almost 16% and 15.3%.
Pardina lentils have increased by 15%, while a 500-gram pack of macaroni is up by 10.2%.
The Facua report has not only focused on fresh and basic products, but has also included other essential items in household shopping baskets.
Rice price rises have seen an average increase of 6.74% with Brillante Sabroz rice in Hipercor recording a 53.3% price hike over 12 months.
A dozen medium-sized eggs have recorded a more moderate increase of 2.9%, while some dairy products such as shredded cheese have seen price falls.