Consumer food prices: recent developments in the euro area and Spain

Fructuoso Borrallo, Lucía Cuadro-Sáez, Matías Pacce and Isabel Sánchez
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Fructuoso Borrallo: Banco de España
Lucía Cuadro-Sáez: Banco de España
Isabel Sánchez: Banco de España
Authors registered in the RePEc Author Service: Lucía Cuadro Sáez

Economic Bulletin, 2023, issue 2023/Q2, No 01

Abstract: Rationale Food prices have lately grown at rates unprecedented in recent decades. A detailed comparative analysis of these developments and their determinants from an international perspective is therefore interesting, focusing especially on dairy and cereals, given their high weight in the consumption basket and the strength of their inflation. Takeaways •Food inflation in Spain has not been particularly different from that recorded in the euro area. However, its contribution to headline inflation has been greater because of food’s higher weight in Spain’s consumption basket. •The prices of virtually all foods are rising, albeit with considerable heterogeneity. •Different essentially global factors, which affected food commodity supply and production costs, have been the main determinants of food price developments, as illustrated by dairy and cereals.

Keywords: Food prices; food inflation; value chain; Spain; euro area. (search for similar items in EconPapers)
JEL-codes: E31 L66 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bde:journl:y:2023:i:02:n:01

DOI: 10.53479/29821

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