According to a market analysis by the Consubal consumers association in the Balearics, the cost of the average shopping basket has risen by 70% since December 2021.
Supermarket shop in Mallorca 70% more expensive than a year ago
The cost of electricity and fuel has been coming down
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Prices have risen, no argument there. 70% seems rather exaggerated, but it's the MDB. And if you need a sobering point of reference, just go to the UK, US, Switzerland, etc. Double to triple the prices you find here. And yes, it does appear that there's profiteering going on, but I suspect it's more on the supply side than the retail side. Retailers have lots of competition. If they have room to reduce prices 2%, then they'd quickly steal all the business from the competition (Lidl and Aldi are serious pros at this - and arch enemies- it's their entire business model). I just don't think they have the margins. It appears it's the suppliers that are holding out. It's difficult for big retailers to swap supply chains. And there's contracts and stuff. Not so simple.
A lot of profiteering going on by the supermarkets.Rape oil seed has dropped in price to virtually the same price as a year for example.
Totally agree with this Article. I now buy less products. Which could mean retailers will have to reduce prices to get their stocks sold.