Spaniards see prices for the key ingredients used in paella surge dramatically
The cost of the main groceries needed to cook paella in Spain soared 19.1% in February, compared to the same period a year ago, according to Bloomberg's monthly Paella Index, which is based on data provided by Spain's National Statistics Institute.
The price of olive oil reportedly surged the most, by 33.5%. Meanwhile, the prices of legumes and vegetables saw an increase of 23.6%, while the cost of rice jumped by 21.2%. Salt, spices and herbs became 17.1% more expensive. Prices of fresh and refrigerated fish gained 9.4%, while fresh and frozen seafood were up 7.9%.
Price growth among the items needed to make Spain's signature dish reportedly recorded an all-time high. In comparison, the index saw a year-over-year increase of 9% in February 2022. In the year before that, growth was a mere 1.3%.
Food prices in Spain have continued to accelerate even after Madrid cut taxes on basic staples earlier this year. Last month, the government also raised the minimum living wage by 8%, marking the fifth increase since 2018. The authorities expect the measure to help people tackle the rise in food costs across the country.
READ MORE: Inflation in France and Spain accelerates
In February, food inflation in Spain remained over 15%. In January, inflation eased from 15.7% recorded in December, but was still raging at a rate of 15.4% for food and non-alcoholic drinks, according the National Institute of Statistics (INE).
According to the Economy Ministry, a weather-driven drop in fruit and vegetable production alongside strong demand from abroad have sent prices skyrocketing.
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