With higher than ever electricity prices and with energy bills already on the rise throughout 2021, it doesn't look like things are going to get any easier on our pockets in 2022. This is because issues with supply chains and rising raw material costs as a result of the war in Ukraine are leading to soaring costs across the world, Spain included.
We've put together a few examples of the impact of the war on an already challenging economy. Ukraine, being a key exporter of important raw materials (something previously unknown to many), has become a battlefield and due to sanctions, Russia has been virtually eliminated as a commercial partner throughout the world. We have the details of some products that are more expensive than ever in Spain as a result of the conflict in Ukraine.
Basic food products including bread, milk and pasta
Buying even the most basic food items could see significant price increases in the near future. This is because both Ukraine and Russia are among the top wheat exporters in the world. A significant percentage of the wheat imported to Spain comes from this part of the world and such supply issues are already having an effect on prices. This same issue is leading to a shortage in animal feed in parts of the world which also affects other animal products such as milk and even eggs.
Sunflower oil
A surprising fact for many is that Ukraine provides Spain with a large percentage of it's sunflower oil, 60% according to the economic newspaper El Economista. Supermarkets in Spain have started rationing sunflower oil in the fear that consumers will start to buy in bulk, while the shortage of this product will have a knock-on effect on other products that rely on sunflower oil for their production.
Fuel
Another everyday item that is having a big impact on how much we are spending is fuel. Both petrol and diesel prices have skyrocketed in recent days and weeks with prices close to 2 euros per litre in many areas of Spain. Prices at the pump were already rising before Russia invaded Ukraine, however since the start of the conflict prices have spiralled as companies are refusing to do business with Russia, one of the world's top markets in this sector.
Electricity
The same goes for electricity, as a large share of the natural gas that is imported into the EU once again comes from Russia. With electricity prices already breaking record highs in Spain at the end of 2021 and at the beginning of 2022, consumers can't expect respite any time soon with fears of reduced supplies due to the conflict leading to further price increases. Consult our guide on how to save money on electricity in Spain.
Property prices in Spain in 2022
As with all things that have an effect on the global economy, property prices will likely also be affected. It is unknown whether the war in Ukraine will have a direct impact on house prices in Spain, but with supply chain issues and raw material price rises, the cost of new constructions in Spain is expected to increase. Rising inflation levels, which could also be further affected by the war, could also have an effect on house prices, especially when it comes to rentals.
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