MADRID – Inflation in Spain seems to be rising again. The so-called IPC rises to approximately 6.1% in February. This is evident from preliminary data from the National Institute of Statistics INE.
The increase to 6.1% would be an increase of 0.3% compared to January 2023. However, it does mean that inflation would have fallen by more than 4.2% within six months. Moreover, inflation has been on the decline since July 2022, from 10.8% six months ago. This is partly due to all kinds of measures taken by the government in Spain to curb inflation. Despite the increase in the first two months of the current year, the government has not yet announced any further measures to counteract the increase.
Price increases as a result of increases in energy and food
The current increases are attributed to the increase in energy prices and further increases in food prices. Consequently, this drives up core inflation. It has reached another record and now stands at 7.7%, compared to 7.5% in January. Since February 2021, core inflation has always been below “normal” inflation, but this has turned around.
The government continues to emphasise that Spanish inflation is the lowest in the European Union thanks to the measures taken in recent months. And overall the data is correct, the European average reached 8.6% in January compared to 5.9% in Spain.
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