Contrary to what one might assume, December often brings notable price shifts rather than a straightforward month-long inflation spike. From 2002 to 2021, the Consumer Price Index rose on average by about 2.1% annually, while the last month of the year showed a different pattern with modest price increases on average. Data from the National Institute of Statistics (INE) indicate that December’s price changes were generally smaller than the overall monthly variation observed over those two decades. Yet, some goods and services tend to become more expensive in December, driven largely by the holiday season and New Year festivities.
This trend is also visible when examining company data across the last four Decembers. Although the circumstances vary—two years with rising prices (2018 and 2019), one severe downturn during a recession, a pandemic-induced recovery, and a later inflationary surge (2021)—prices still rose in several categories. Across these years, the price increases were driven by tourism-related goods, with notable jumps in certain foods and beverages, as well as electric goods, dining out, legumes and vegetables, public transport, and fuels. In some segments, even modest annual movements translate into meaningful monthly changes during December.
christmas food
Current observations point toward a similar pattern this year. A recent study by the Consumers and Users Organization (OCU) indicates that typical food items bought between the Christmas dates are about 5.2% higher than last year. The organization has tracked costs since 2015 across a selection of fifteen foods, with a regional focus on ten major cities. The takeaway is that the holidays tend to feature higher prices in meat and seafood, while fish prices are comparatively steadier, and vegetables often hold firmer values during this period, according to OCU analysts.
Across the 15 products under review, price increases appeared in 11 items. The sharpest rise was noted in a key commodity area, followed by salmon, turkey, certain veal cuts, pineapple, and regional pork cuts, with increases ranging from roughly 11% to 32% in some cases. Other items showed smaller hikes, including sea bream, oysters, and lamb products. Lamb prices remained broadly elevated after a previous year with higher costs, while some items such as eel and additional ham saw notable reductions. Overall, shifts in energy, dining out, legumes, vegetables, and transport costs also contributed to the December cost landscape.
Second most expensive dinner
Moreover, it is important to consider that many Spanish households face the impression that Christmas food is among the world’s more costly festive menus. A report by the social investment network eToro analyzed supermarket prices in 12 countries across three continents between November 21 and 24. It found that a traditional turkey dinner for four in Spain costs an average of 60.9 euros, up about 15.4% from the previous year, trailing only Germany’s 66.7 euros and 17.7% higher costs for a similar goose-based feast. In contrast, regional dishes from other nations, such as mamaliga with mermale (ground pork and beef dishes with sauerkraut and cornmeal porridge), cost around 25.87 euros, an approximate 12.7% rise.
Ben Laidler, global markets strategist at eToro, noted that families worldwide are feeling the bite of higher food prices and that the global study illustrates how inflation shapes Christmas dinners. He explained that food prices rose significantly in the EU and in Spain over the past year, with traditional bird-based dishes—goose or turkey—pulling up overall costs due to recent developments in the market and concerns like avian flu across Europe. He added that this year there may be cheaper protein options for Christmas meals as a result.
Less common are the categories where a few staples see noticeable increases. Essentials like oils other than olive oil rose dramatically over the past year, with vegetable oils climbing around 58.9% year over year by October (latest data), followed by milk, eggs, potatoes, olive oil, and bread. The increases reflect rising production costs tied to energy, transport, fertilizer, or feed.