The National Institute of Statistics (INE) released the leading indicator for the CPI this Wednesday, and this indicator will not be final until September 12. As a result, inflation rose again for the second consecutive month and remained at 2.6%; It’s three-tenths above 2.3% in July and seven-tenths above June’s 1.9%. Lowest rate recorded since April 2021.
As the institute itself stated, The main responsible for the new increase in inflation was fuel oil.including the annual maximum prices in the case of gasoline, and practically diesel prices if January is excluded.
In the case of the province of Alicante, The average price of 95 gasoline at the moment is 1,714 eurosTherefore, to find a higher record will have to go back to November of last year, when it reached 1,755 euros. The current price of diesel is 1.612 eurosThis represents the highest level since the beginning of the year when it cost 1,687 euros. It should also be noted that last May, gasoline reached 1,595 euros and diesel reached 1,412 euros.
Current prices are lower compared to August 2022Considering that at that time, gasoline was traded at 1,812 euros and diesel at 1,851 euros. Of course, it should not be forgotten that the bonus applied by the central government at that time was still in effect, so 20 cents should be deducted from these contributions.
The Mediterranean Service Stations Federation (Fedmes) evaluates the current increase in fuel prices negatively as drivers prefer to travel less and reduce sales as they look for alternative means of transportation.
Although fuel oil was the main reason for the increase in inflation, this alone did not happen. Changes in electricity prices also affectedIt set the last six-month maximums in August, but the increase did not reach the same month’s levels last year, when it became 6.4% more expensive at the monthly rate and rose to 2019, according to the INE. Its annual rate is 49.4%.
Although no clues are expected on how food inflation is developing this month, some products, such as fresh fruit and fish, are strongly attracted.. In the first case, Paco Alemañ, President of the Association of Dealers in Alicante Municipal Markets, explains: stone fruits are becoming more expensive. “Two factors combined – the drop in production due to lack of heat and water, and the fact that demand has remained at least at the same level – it’s phenomenal.”
The result was overall price increases of between 10% and 15%, with some exceptional increases affecting peaches and nectarines of €2.75 and €3.25 per kilo, respectively, 50% more expensive by the end of 2020. season.
On fish, the decline in supply as a result of EU cuts to trawler fishing, accompanied by a significant increase in demand as tourism recovers, More than 30% increase in prices this summer. Adolfo López, who runs a stall in the Alicante Central Market, points out that the price of red shrimp is 100 euros per kilo, almost like Christmas, and around 40 for baked fish such as San Pedro rooster or dentex.
Regarding the CPI, INE announced that the so-called core inflation, which excludes the most volatile energy and unprocessed food prices, decreased by one tenth from July to 6.1% in August. Forecasts for the coming months show this The slight rise in inflation will continue around 3.2% on average until the end of the year..
Olive oil already costs 9.40 euros and OCU demands control of production
The price of olive oil has increased by 15.4 percent in the last month and a half, and although some brands have exceeded 12 euros, it has already reached an average of 9.42 euros per liter. These are calculations made by the Consumers and Users Organization (OCU), which conducted a survey among 19 extra virgin olive oil brands in ten supermarket chains such as Alcampo, Carrefour, Dia, Caprabo, El Corte English, Hipercor. Eroski, Mercadona, Consum and Condis. After the results were available, the OCU concluded that the increase “is common and affects almost all brands” in one phenomenon attributed to the decrease in olive harvest. However, the organization wants more control of the production chain from the Ministry of Agriculture to avoid abuse and speculation. mv