Spaniards paid more than ever for paella last month as the prices of olive oil, rice and legumes shot up.
(Bloomberg) — Spaniards paid more than ever for paella last month as the prices of olive oil, rice and legumes shot up.
The cost of key ingredients needed to cook the nation’s signature dish jumped by 19.1% from a year ago in February, according to Bloomberg’s monthly Paella Index, which crunches data from Spain’s National Statistics Institute.
That’s more than three times the country’s overall inflation reading of 6%. The price of olive oil gained the most — up 33.5%, while legumes and vegetables advanced by 23.6% and rice by 21.2%.
Food prices have continued to climb rapidly even after the government slashed taxes on basic staples at the start of the year. A weather-driven drop in fruit and vegetable output alongside strong foreign demand have driven up prices, according to the Economy Ministry.
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