Food prices continue to rise, albeit more gradually than in the first months of 2024. This is how the weekly monitoring of the Deco/Proteste shopping basket of 63 essential goods was compiled. Over the past week, the cost of the food basket reached 228.06 euros, which is 11 euros more than in the same period in 2023 (216.86 euros) and 22 euros more than two years ago (205.54 euros).
Inflation fell to 2.7% last month, the National Statistics Institute (INE) showed. This means that prices for goods and services continued to rise, although less significantly. The problem is that when consumers make purchases, they have to pay not only the most recent increases, but also the amounts accumulated over the past two years.
It is this context that explains why the same basket of 63 essential goods would cost 22 euros more today than in July 2022, an increase of around 10% given the values calculated by Deco/Proteste, which now tracks weekly price movements following Russia’s invasion of Ukraine.
In the wake of the Covid-19 pandemic, the war has further exacerbated disruptions in international markets, causing food and energy prices to rise sharply, with natural negative consequences for family budgets.
Please note that the Deco shopping cart includes meat, frozen food, fruit and vegetables, dairy, grocery and fish.
This week, cereals, sausages and olive oil showed the biggest percentage increases compared to the previous week: extra virgin olive oil is now 51% more expensive than a year ago and 108% more expensive than at the beginning of the conflict between Russia and Ukraine.
Prices for goods continue to rise, albeit more gradually
The consistent rise in consumer prices, especially for products such as food, contributed to inflation rising to historic levels in 2022, exceeding 10%. In the first months of 2023, inflation began to slow down. According to the National Statistics Institute (INE), it fell to 1.4% in December 2023. It increased again at the beginning of 2024. In June, according to INE, it was 2.8%, down from 3.1% in May.
