Oil shoots up 75% in one year, from 2.34 euros per liter to 4.11 euros, causing demand to fall by 30%
The purchase is much more expensive than a year ago. According to CPI data, prices rose 8.3% in April, with the shopping cart being the most affected: 73% of these consumer goods have become more than 5% more expensive in April compared to the same month of 2021, according to data from a NielsenIQ report.
What is rising in price the most is oil, which costs 75% more than a year ago. In April 2021, for example, a liter of oil had an average price of 2.34 euros, while the average is now 4.11 euros. This increase in costs has reduced demand, with the volume of oil sold falling 32% in April.
Margarine is the second product that has become more expensive, at 35% compared to a year ago, and the demand for which has fallen by two points. It is followed by pasta, 31% more expensive, which is accompanied by a 10% decrease in the purchase volume. A year ago, the price of a kilo of pasta was 1.72 euros, now it is 2.24 euros, Nielsen reveals.
Industrial pastries will become 25% more expensive, baby food and butter 20%, as well as household cellulose (toilet paper, kitchen towels), 17% more expensive.
“The tensions of recent months are driving significant price increases, in many cases for staple food products that are difficult to give up or replace,” explains Patricia Daimiel, General Manager Southern Europe at NielsenIQ.
Due to the loss of consumer purchasing power, major supermarkets saw a 1.3% decline in sales in the first four months of the year compared to the same period of 2021. The advisor’s data shows that Although 1.3 % less than last year, 4.6% more was spent due to price increases, totaling 97,000 million euros in spending.
The rise in food prices has a direct impact on Spanish families, especially as their annual budget for fresh produce was 1,900 euros in 2021, 300 euros less than the year of the pandemic due to incarceration, but 8.6% more than in 2019.
Data from the Aldi Fresh Observatory shows that fresh produce (fruit, vegetables, bread, sausage, fresh meat, fresh fish and eggs) accounted for 41% of the total food expenditure of Spanish households in 2021, but their consumption fell by 6.7% .
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
