STAFF REPORTER

PALMA
MILK and chicken and turkey meat are the products which have topped the food price hike in the Balearics over the past year, by 18 and 13.9 percent respectively.

The figures were confirmed yesterday by the National Institute of Statistics' publication on the region's October 2007 Consumer Price Index. There were other household food necessities which had also undergone considerable price rises including potatoes and potato-based products (11.1 percent); bread (9.1%); vegetables and fresh greens (8.8%); and fresh fruit (8.5%). The Consumer Price Index rose during October in the Balearics by 0.6 percent, considerably less than the 1.3 percent registered as an average for the whole of Spain during this period. Resulting inflation in the Balearic has increased by 3.2 percent, four decimal points lower than the rest of the country. Prices of food products have risen in the Balearics less than the national Spanish average over the last twelve months. As an example, the price of milk has risen in Spain by 24.2 percent whilst the increase in cost in the Balearics has only been 18 percent. A similar situation is visible in the case of bread which at a national level has gone up in price by 13.9 percent but by only 13.4 percent in the Balearics. The dearer costs of food and fuel has meant that the year-on-year rise in inflation for the whole of Spain in the month of October stood at 3.6 percent, the highest since August of 2006. In the Balearics, the Consumer Price Index went up in October this year by 0.6 percent - the lowest out of all the regions of Spain - led by costs in the clothing and shoe ware retail industry with a 4.9 percent rise; followed by food and non-alcoholic beverages (1.7%); and school/educational centre costs (1.3 percent);whilst there was little variation in “other” sectors which include jewellery, cosmetics, services and insurances. l The rise in cost of essential consumer products in the Balearics has been less than the average increases in Spain.
Lower costs were recorded in the leisure and culture industries (-1.4 percent); hotels, cafés and restaurants (-0.9%); household (non-edible) goods and communications (-0.1% in both cases).

The highest accumulated inflation was in alcoholic drinks and tobacco (5.8 percent); followed by food and non-alcoholic drinks (4.6%); and transport (4.7%). So far this year, prices went down in clothing and footwear (-4.2%);leisure and culture (-1.4%); and medicine (-2.8%). With regard to year-on-year inflation, figures proved highest in alcoholic drinks and tobacco (6.4 percent); whilst it went down in leisure and culture (-0.2%); and medicine (-2.4%). According to the details of the Consumer Price Index for October this year, prices have actually fallen over the last twelve months in oil and fat products (13.2 percent);in medicines and therapeutic products (6.7%). To a lesser degree, there has also been a falling off in the price of electrodomestic products and clothing accessories (2.1%);and textiles and interior decoration products.

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