Prices in Spain rose 5.9% in January, compared to the same month in 2022, the Spanish Institute of Statistics revealed this Wednesday, thus confirming the first rise in inflation in the country (two tenths) in five months.
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, 6.8% in November and 5.7 % in % in December in Spain, according to the Spanish National Institute of Statistics (INE).
Spain closed last year with the lowest inflation in the European Union, after having one of the highest values in the first half of 2022 and having registered the highest rate in the country since 1984 in July.
This despite the record rise in food prices, which in December were again above 15% (15.7%), compared to the same month last year, values that are the highest since 1994.
According to the data released today, without the prices of unprocessed food and energy (core inflation), the price variation in January was 7.5% in Spain, five tenths more than the 7% in December.
Subjacent inflation “is the highest since December 1986,” the Spanish INE highlighted today.
The higher inflation in January “is mainly due to fuel prices”, as the institute had already announced two weeks ago, when it released the first estimate of the price rise last month.
In January, the Spanish government ended a discount of 20 cents for each liter of fuel purchased by individuals.
At the same time, in an attempt to respond to rising food prices, a new set of measures came into force last month, including the suspension of VAT (consumption tax) on some foods and products considered basic.
Throughout 2022 Spain approved several packages of measures to deal with inflation of more than 3% of the Gross Domestic Product (GDP), around 45,000 million euros, including direct aid to consumers and companies and benefits tax, such as the reduction of VAT on electricity and gasoline to 5% or a discount of 20 cents per liter on the purchase of fuel.
Source: TSF
