Prices in Spain rose 5.7% in December, compared to the same month and to 2021, confirming the fifth consecutive month of moderation in inflation, despite the biggest rise in food prices since 1994.
The inflation rate (increase in prices compared to the same month of the previous year) was 10.5% in August, 8.9% in September, 7.3% in October and 6.8% in November in Spain, according to the National Statistics Institute of Spain (INE). ).
The data for December is the lowest since November 2021 and Spain closed last year with the lowest inflation in the European Union, after having one of the highest values in the first half of 2002 and having registered the rate in July lowest high in the country since 1984.
This despite the record rise in food prices, which in December returned to above 15% (15.7%), compared to the same month last year, values that are the highest since 1994, according to The INE points out this Friday.
Excluding the prices of unprocessed food and energy (core inflation), the price variation in Spain in December was 7%, compared to 2021.
As in previous months, according to the INE, the price of electricity, which rose less than in 2021, and the decline in fuel prices contributed to the moderation of inflation.
Throughout 2022 Spain approved several packages of measures to respond to inflation equivalent to 3% of the Gross Domestic Product (GDP), more than 35,000 million euros, including direct aid to consumers and companies and tax benefits , such as the reduction of the consumption tax (VAT) for electricity and gas to 5% or a discount of 20 cents per liter on the purchase of fuel.
According to the President of the Government, Pedro Sánchez, it was one of the “biggest shock plans” of the European Union to respond to inflation.
In an attempt to respond to the rise in food prices, a new set of measures has been in force since January 1, which includes the suspension of VAT, for six months, on some foods and products considered basic.
At the same time, the Government put an end, at the beginning of this year, to the discount of 20 cents on fuel for individuals.
Source: TSF
