We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Prices in housing, transport, food and non-alcoholic beverages saw the sharpest incline, as a result of rising consumer goods, fuel and electricity costs.

Housing costs have risen by 22.3 percent compared to the previous year, while transport and food have shot up 11.4 percent and 6.1 percent.

The hike in inflation is believed to be caused by Russia’s invasion of Ukraine, with price increases this month expected to be even higher.

The prices have directly impacted consumers but has also threatened many sectors such as the fishing industry, where 700 Canary Islands boats are warning that they will not be able to fish if the cost of diesel continues to rise.

This could also impact as many as 10,000 jobs in the fishing industry in the islands.

The rise in diesel prices caused by the Russian invasion of Ukraine has already meant that in the Canary Islands a litre has gone from costing 0.45 euros at the end of last year to the 0.90 euros paid as of figures from March 9 in Tenerife.

Gabriel Jimenez, National Federation of Fishermen’s Guilds vice-president, warned that the escalation is “extremely serious”.

He said it could lead to the closure of many small businesses in the Canary Islands which, after two years of the pandemic, are even worse off.

The sector is now demanding aid to be able to cope with this situation, as the tourism and other essential sectors have allegedly received.

Mr Jiménez said that this situation affects as many as 700 boats, especially tuna boats, which use up a lot of fuel because they have to travel from one island to another in search of their catches.

He said: “These are practically at a standstill, and the small and medium-sized fleet is also affected because the economy of these shipowners is not great after two years of the pandemic in which the sale of fish has not been significant, to which has been added the lack of fishing due to the tuna quotas”.

DON’T MISS:
Drivers hit with record fuel prices despite wholesale drop [INSIGHT]
We must pay a high price to prevent [COMMENT]
Property: Most ‘underestimated’ feature to add £27,000 to house value [ANALYSIS]

The fisherman’s guilds are urging the Spanish government to take significant action to help them with financial implications still felt by the Covid-19 pandemic, and now Russia’s assault on Ukraine.

Jiménez urged authorities to “make a move so that they can continue fishing”.

The fishing expert also predicts that the price hike will be around for some time.

He said: “I think it’s about time we were rewarded with something to be able to cope with what is coming, because this is not going to last a month or two; lowering these prices will take a couple of years”.
Additional reporting by Maria Ortega

Source: Read Full Article