Vegetables rose almost 6 times more from the field to the Spanish table, bitcoin to the rescue?
Key facts:
Veal meat went from 4.44 euros at its origin to 16.99 at its destination.
Bitcoin is an asset that can help Spaniards take refuge from inflation.
Inflation in Spain gallops. The price of food, taken from the field to the table, rose notably at the end of 2021. In general, there is talk of an increase of almost 6 times more in the case of vegetables and around 3 times more in derivatives of livestock.
In detail, oranges rose up to 16.5 times more from its price in the field to the sale to the public or in commercial premises. This fruit went from costing 0.10 euros per kilo at origin, in the field, to being sold at destination, in stores and premises, at 1.65 euro.
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In the case of mandarins, the price was 11.4 times higher, going from 0.25 euros per kilo at origin, to being sold at destination for 2.85 euros in average.
As for the lemons, the price grew 12.10 times from the field to the Spanish table. It went from 0.20 euros in the field, to 2.42 euros in the sale to the public. Garlic also saw an increase of 8.95 times more, going from 0.66 euros in the field to 5.91 euros in the street.
The apple, meanwhile, went from 0 .4 euros in the hands of the producer to 2.4 euros for sale to the public. The aubergine, for its part, rose from 1.22 euros at its origin, to 2.67 euros at its destination. The potato grew from 0.18 euros to 1.22 euros and the carrot went from 0.22 euros to 1.11 euros.
In general terms, the price of agricultural products in Spain multiplied by 5.39 times, from the price in the field to the retail price general public.
Products ranchers, on the rise
On the price of livestock products, a rise of 3.13 times more was reported, according to the COAG, which highlights that the Price Index at Origin and Destination corresponding to the month of December, stood at 4.91%.
For example, veal meat went from 4.44 euros in its origin , at 16.99 at your destination. This is the most expensive livestock item in Spain. This is an increase of 282.6% on average.
Meanwhile, a kilo of pork cost, from 1.04 euros in its origin, to 5.99 euros in the sale to the average consumer. This is an increase of 476%.
Lamb meat, for its part, went from 4.48 euros at its origin to 14.04 euros per kilo at the table. The increase was 213.3%. In the case of the rabbit, the kilo went from 1.98 euros to 5.99 euros. An increase of 202.5%.
Variation in the price of food between its origin and in the store, according to the IPOD. / Source: IPOD.
The highest inflation in 30 years
The price index of products from the Spanish countryside to the table is another example of the rampant inflation in that country, which closed in December as the highest in the last 30 years.
As reported by CriptoNoticias, Spanish consumer prices grew by 6.7% during December, compared to the same month of 2020. But food prices also increased significantly in 2021, after a general decrease during the previous year.
The impact was generated largely due to high electricity rates. This, added to the fact that 2021 was a year with a global risein raw materials, which resulted in higher costs to produce.
Bitcoin to the rescue
As is known, for inflation in Spain to begin to subside, it is necessary for the Central Bank of Europe to lower plus the printing of euros, something that, as reported, they have been doing since December 2020.
However, and apparently, there is still a long way to go to normalize inflation. There bitcoin (BTC) would play an important role. It should be remembered that, for many investors, the pioneering cryptocurrency is seen as a store of value and safe-haven asset, precisely, in the face of inflationary scenarios such as that of Spain.
Bitcoin can be an escape valve for inflation in Spain / Source: El País.
Bitcoin it can be an escape valve for inflation in Spain / Source: El País.
And the fact is that BTC is anti-inflationary, due to that it has a limit for its issuance (21 million, on average). It is contrary to the case of fiat money , which, as it is issued by central banks, can increase in supply. This can reduce people’s purchasing power, promoting inflation .
Thus, the inhabitants of Spain, a country with adoption of bitcoin and cryptocurrencies in full swing, they have an exhaust valve to actuate. Examples, such as that of Venezuela and Argentina, attest that digital assets could be ideal to face inflation.
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