For the third consecutive year, Holy Week brings with it a bitter reality for torrijas lovers: this 2024, the production of this typical Spanish sweet has reached its highest price in history. According to Sara Herrero, Academic Director of EAE Business School and economics expert, the cost of essential ingredients for torrijas has increased by 34% compared to February of last year.
Impact of the CPI on torrija
The rise in prices is not an isolated phenomenon. In the last three years, the cost of preparing traditional torrijas has increased by 72%, thus reflecting the general upward trend in the consumer price index (CPI) of basic products. The fundamental components of torrijas, such as bread, eggs, milk, sugar and especially olive oil, have been the protagonists of this rise.
Sky-high price of olive oil
February has been a particularly difficult month in terms of inflation, with the CPI increasing 2.8% year-on-year. Within this figure, olive oil stands out, the price of which has increased by 67% in the last year, positioning itself as a luxury item within the Mediterranean diet. Other ingredients such as eggs and sugar have also seen significant increases, with increases of 5% and 4.1% respectively. Bread has not been left behind, with an increase of 2%. Interestingly, the price of milk has seen a slight decrease of 1.1%.
The rise of gas and electricity
Although the CPI for electricity and gas has decreased in 2023, by 7.7% and 21% respectively, this decrease has not managed to offset the increase in basic food prices. Induction or glass-ceramic cooking, although more efficient, continues to represent a significant cost in the preparation of torrijas.
The drought after the rise of torrija.
2024 has seen olive oil as the main driver of the rise in the price of torrijas. Factors such as drought, which has reduced the supply of oil, play a crucial role in this trend. Meanwhile, in 2022, the War in Ukraine was a determining factor in the increase in the price of energy and, consequently, in that of food.
Sara Herrero highlights the concern about this trend: “We are witnessing a continuous escalation in the prices of basic and essential foods. The notable increase in the cost of products such as olive oil, eggs and sugar has a significant impact on the Spanish shopping basket. Torrijas, with their simplicity and popularity, become a clear indicator of this reality.”
