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Tuesday, May 24, 2022
HomeLatest NewsInflation, product by product: this is how electricity, supermarkets, beer or gasoline...

Inflation, product by product: this is how electricity, supermarkets, beer or gasoline have risen in price

A year ago, in April 2021, you spent 1,000 euros to cover all your needs: pay rent, bills, go out to dinner for a day or two, go to the supermarket and buy clothes. If you were to buy the same products, go to the same restaurants and buy the same products this year, you would pay 1,083 euros, according to the National Institute of Statistics (INE). This difference (8.3% more) is what changed the average level of prices for consumer goods and services in Spain over the past year, as measured by the consumer price index (CPI).

What does it mean? That the price of beer, electricity or avocados went up 10% the same? No, it’s the overall average of how much the cost of living has risen over that period. This means that there are services or products that may have become much more expensive, others have become slightly more expensive, or some goods have become cheaper than last year.

For example, in the following chart, you can see how much (on average) major spending groups rose during last year’s price crisis, as a function of their weight in our monthly shopping cart.

What has grown the most in the last year?

Change in prices for each group of goods and services in from

about from . stripe width ↨ adjusted for the share it represents in total expenditure

Source: INE

As you have seen, electricity and gas by far rose the most during last year’s price crunch. The electricity bill is 40% more expensive today than it was in April 2021. It must be taken into account that in the case of the electricity bill, an item that has risen sharply according to the INE, this body only includes households with a regulated tariff (PVPC) of the electricity market, which accounts for 40% of low-voltage supplies (households, as well as some SMEs ). This methodology distorts the increase in the price of electricity in the CPI because it does not take into account free market contracts where the rate has not risen as much.

However, the inflationary crisis also affected some of the most basic goods and products, such as butter, milk, bread or cereals. To check which products and services became more expensive and cheaper during the crisis, elDiario.es analyzed monthly CPI data for over 200 different products between January 2019 and March 2022.

On the following chart, you can see how the price levels of the main spending groups (about 100 different) have changed over the past three years.

The evolution of the price index of each product during the pandemic

The evolution of the percentage change in the CPI. Click on the tab to change the month against which price movements will be compared.

We know that electricity bills, filling a deposit or turning on heating have risen a lot over the past year. But how much has the breakfast we eat every morning grown? Has it become more expensive to dine in a restaurant than a year ago? How much does it cost to drink at the bar downstairs today?

To create our own index, we calculate how much the prices of everyday goods and services have risen over the past year. The calculation is an approximation of the price increase from applying the CPI variance to the average prices of the various products included in the recipes, or to the average costs for each service, according to the latest available data. See for yourself in the following chart:

Source: Own development based on data from INE, Datamarkt, Ministry of Ecological Transition, Red Eléctrica de España and others.

An increase in the cost of living has been noted in dozens of products due to the resistance effect of the electricity bill and the war in Ukraine. For example, essential goods such as olive oil, flour and pasta have risen in price by more than 20% in one year. Same percentage as many foods such as milk, rice, meat or eggs.

In addition to food, clothes and shoes have also become more expensive than a year ago. On the other hand, those who noticed the least increase in prices are related to leisure, education, or even the cost of rent.

INE breaks down price increases into over 200 products and services that make up our shopping cart. On the next chart, you can see the evolution of prices in each of them. Click the button to see more products.

How has the price of each product changed over the past three years?

The evolution of the price of each product or service compared to what it was in

show me other products

Source: INE

INE data shows up to 33 items in the consumer basket have risen in price by more than 10% over the past 12 months. In addition to electricity and fuel, prices of which have risen sharply due to the consequences of the war in Ukraine, olive oil has risen in price by 43%, one night in a hotel has risen in price by 51% and bank fees by 11%.

This is not the only thing that has grown during the crisis. In addition, the simple gesture of buying a newspaper from a newsstand or subscribing to a digital newspaper costs an average of 6% more than a year ago. On the other hand, we have some services and products that have hardly risen in price and even fell in price over the past 12 months: buying a plane ticket, prescription glasses, or your mobile company’s data speed.

The following table groups price increases (or decreases) for each of the 200 product subclasses that INE analyzes to calculate the price level of our shopping cart.

What has increased in price over the past year? Compare each product and service

Annual change in the price of each subclass (goods or services) of the consumer price indicator (CPI) over the past year

What has gone up in price

What is more expensive than a year ago

Slightly more expensive than in 2021

It’s unlikely to go up or down in price.

cheaper than last year



Source: www.eldiario.es

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