Rises In Electricity, Gas and Food, Push Spain’s Inflation Up

Rises In Electricity, Gas and Food, Push Spain's Inflation Up. image: Pixabay

Rises In Electricity, Gas and Food, Push Spain’s Inflation Up.

RISES in electricity, gas and food have pushed up Spain’s core inflation rate by 0.6 per cent. The prices increased in January by 0.6 per cent compared to January 2020, a rate which stands 1.1 points above the December last year (-0.5 per cent) and is the first upturn since the start of the coronavirus pandemic, according to data released today, Friday, by the National Institute of Statistics (INE).

The rise experienced in January is the second largest in the historical series, after the 1.4 point rise registered in January 2017. The CPI is thus at the highest level since February 2020 (0.7 per cent).

If this data is confirmed on February 12, then the consumer price index (CPI) would end nine consecutive months in negative territory and it would be the first rise since February 2020, when the March the index was at zero.

The is mainly due to the increase in electricity prices and, to a lesser extent, food and non-alcoholic beverages, which have become more expensive than they were in January 2020, reports the INE. Other factors that have pushed prices up are tourist packages, which have become cheaper than in January of last year, and gas, which this year has risen after falling in price slightly last year.

The harmonised consumer price index (HICP) – which measures the evolution of prices using the same method in all the countries of the EU – has also stood at 0.6 per cent year-on-year, 1.2 points more than in December.

 


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Written by

Tony Winterburn

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