The cost of a basic food basket increased 15% between October 2021 and August this year, with some products soaring 20%, while others registered negative variations, estimates the Bank of Portugal (BdP).
In the October Economic Bulletin, released this Thursday, the BdP points out that there is a “very important price dispersion”being the cost of the baskets made up of the higher priced product varieties about two and a half times higher than that of the baskets made up of the lower priced varieties.
According to the regulator’s analysis, “between October 2021 and August 2022 – period in which prices are available – the average growth in the cost of the basket was around 15%, with prices of some products with greater variations by 20% and others with negative variations”.
BOP analysis is based on prices set on platforms online of the main food retailers operating in Portugal.
Between October 2021 and August 2022, the evolution of unit prices was very different in the products considered in the basket”, he points out.
Among the main average increases, the cereals and meatwhich in many cases exceed 20%.
Dairy products and vegetables will have recorded smaller increases in this period, but still above 10%.
“It should be noted that some of the products with the highest price increases are those to whom the demand is addressed in periods of economic difficultiessince they are substitutes within the respective class”, he points out.
Taking into account the average prices for the week ending August 31, 2022, the BOP estimates that the value of the basket was higher for the group of adolescents (168.80 euros) and lower for two-year-olds (95. 02 euros).
As for the adult consumption basket, it is estimated at 154.88 euros.
Source: Observadora
