Latest News

Housing, food costs push Spanish end-2021 inflation to 6.5%, highest since 1992

© Reuters. FILE PHOTO: People walk at a commercial district in central Madrid, Spain, December 5, 2018. REUTERS/Susana Vera

(Reuters) – Housing, utilities and food costs have pushed Spanish inflation to its highest since 1992 in December, final monthly data from the National Statistics Institute (INE) showed on Friday.

Spanish consumer prices rose 6.5% year-on-year in December, revised slightly from an initial 6.7% flash estimate, but accelerating the upward trend to hit the fastest inflation rate since May 1992, the data showed.

Prices of housing and utilities jumped 23.3% year-on-year, mainly driven by soaring electricity prices, the INE said in its more detailed second reading. Electricity prices had risen 72% from a year ago.

Despite the broad-based rise, December transport costs fell 10.9% from November, pulled down by a drop in fuel prices.

Core inflation, which strips out volatile food and energy prices, was 2.1% year on year, up from 1.7% a month earlier, the National Statistics Institute data showed.

European Central Bank Vice President Luis de Guindos said on Thursday that a spike in euro zone inflation was not proving as transitory as earlier thought and that price growth this year was at risk of exceeding projections.

Inflation is likely to drop below the bank’s 2% target in 2023 and 2024, he said.

Housing, food costs push Spanish end-2021 inflation to 6.5%, highest since 1992

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Swedish PM tests positive for COVID as fourth wave surges

Previous article

Experian clients demand more services related to buy-now-pay-later

Next article

You may also like


Leave a reply

Your email address will not be published.

More in Latest News