The complex economic recovery from the crisis generated by Covid-19 has had an unexpected protagonist: the inflation. The increase in prices threatens to derail the already outdated growth forecasts, but also to complicate the day-to-day the Spanish households that see how each month their money spreads less.
It is a global process. Proof of this is that inflation in the United States closed the year at 7%, the highest in the last forty years, while in the Eurozone it reached 5%. Further it goes in Spain, where at the end of 2021 it reached 6.5% in December, according to the National Statistics Institute (INE).
The Ministry of Economy insists that it is something temporary, the result of the economic recovery after the paralysis of the economy in 2020. The same thinks the European Central Bank (ECB) who, however, has begun to withdraw some stimuli to reduce the mass currency in circulation.
Inside of the inflationary process that Spain is experiencing at the moment there are several factors that influence: the supply crisis, the increase in demand by consumers… However, there is still it is not clear when the uptrend will change Of the prices.
In EL ESPAÑOL-Invertia we have collected some graphs of how the CPI situation is in our country and how prices have evolved in some products that are essential in our day to day.
Although the economic and monetary authorities insist that it is temporary, the reality is that high prices are becoming chronic. This has a problem, and that is that the longer they continue to rise, the more complex it will be to clamp them again. Especially since second-round effects can begin to occur that, for now, have not been seen.
Within the rise in prices, energy and food are the ones that are causing the most problems. If the former are analyzed, it can be seen how the evolution of light and of the gasoline is strongly driving prices. In total, during 2021 energy prices have risen by 40.2%, only electricity by 72%.
This rise in energy prices is affecting practically all sectors and is pushing up costs. Electricity rose 19% in December, a figure that had not been seen in any month of the year. The measures adopted by the Government to try to stop the advance of electricity and gas have not finished having the effect expected by the Executive.
In any case, it seems that in recent times the price of electricity has moderated its rise thanks to the purchase of gas by the European Union, which has made it possible to soften the tension in the market. However, its effect may not be seen until well into 2022.
Not only electricity is weighing down families. Gasoline prices have also been rising over the last year. However, in the month of December they gave a break. Both gasoline and diesel fell 2.5%. However, during fiscal year 2021 the rise is 24%.
We must also pay attention to what happens in the supermarket, and that many chains try to avoid passing on the rise in production costs. However, it seems that in the coming weeks we could see increases in the shelves since many brands are already communicating that they intend to raise their prices.
Where is the rise in food being noticed? In December, sheep meat is the one that increased the most: 7.5%. But if you look at the annual evolution, it can be seen how the increase is 21.8%. It is followed by pasta, which increased by 5.1% in December.
Something as basic as bread has risen almost 4% during 2021, while beef and poultry have increased by 6.5% and 6% in the year, respectively. Until soft drinks have risen 8% during 2021, like mineral water.
Shopping in the supermarket is, perhaps, the place where the rise in energy costs and prices is being most noticeable. The same does not happen in other questions that could show that second-round effects are already taking place. However, it is advisable to be vigilant to what happens in the coming months.
Thus, rental housing has risen 0.5%. However, payments for heating, lighting and water distribution have risen by about 49% as a result of the increase in energy costs. This has made housing more expensive by 23.3% compared to the previous year.
Clothing items have increased by around 1% and household services have barely increased by 1.9%. Nor have the costs of medicines skyrocketed, which have increased by 0.3%.