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Economic Indicator
29 Nov 2021
Spain Inflation at 29-Year High as Food and Fuel Costs Go Up
The Index Today
Spanish inflation reaches a 29 year high in November as food and fuel costs push up prices. According to the National Statistics INE, consumer prices were recorded rising 5.6% year-on-year basis.
The inflation rate increased for the month of October by 5.4%, reaching a record high last seen in 1992. Other Eurozone countries have also been hit hard with inflation due to global supply chain issues and rising energy prices. However, in Spain, rising cost of food was one of the main causes of increased inflation with energy and fuel coming in at second.
INE data showed on an EU-harmonized basis, Spain’s inflation rate went up 5.6% in November, higher than 5.4% from October. The European Central Bank has stated inflation is likely to peak this month and will show signs of easing by early next year.
