According to the Consubal consumers association in the Balearics, this will be the most expensive Christmas ever, its president, Alfonso Rodríguez, saying Christmas "will cost us ten per cent more this year".
The association is referring specifically to the increased cost of Christmas meals, not in restaurants but at home, the calculation having been based on a market study across Mallorca.
The products to have risen in price the most are lamb and pork, and the prices are expected to rise further over the coming days because of a scarcity of supply.
There is also the price of fresh fish, which could be further affected by the fishermen's strike that is scheduled for Monday and Tuesday next week. The strike is in protest at European Commission policy that envisages a reduction in trawler activity of up to almost 80% in 2025. Because of concerns about the supply of fish and higher prices, Consubal is recommending buying fish now and freezing it.
For consumers who have bought well in advance, Rodríguez estimates that they will have saved up to 30% on average, given the hike in price of products like lamb.
Even with the higher prices, the association is pointing to increased consumption this year. However, this brings its own concern, Rodríguez saying that consumers are going into debt. In this regard, he refers to a Bank of Spain calculation of a 25% increase in consumer credit.
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It is a recurring problem for many at Christmas, New Year and the Three Kings. Many go into debt to provide for their family's. Then struggle to survive until the start of the new Season. I do not have any answers to their dilemmas, other than stay solvent and do not go into debt. If only there could be Winter Attractions , to provide work and incomes for the Festive Periods.
Official government numbers report inflation ~2% YoY. Anyone who has been keeping receipts can see prices continue to increase well more than that for real products. There are regulation and supply chain things at play. These are convenient excuses for officials, but don’t be fooled. When the strike is over and the supply issues resolve, prices don’t go back down. This is the result of the significant expansion of money supply in recent years. Officials will keep misdirecting you and never acknowledge that change and it’s impact. More and more are going into debt because their take home pay hasn’t kept up with the monetary inflation. Unfortunately the impact is disproportionate to those with less.