Madrid, Thursday, 30 December 2021 -
According to official figures issued on Thursday, Spain's inflation rate reached 6.7 percent in December, the largest annual increase since March 1992.
Inflation in December was 1.2 percentage points higher than the 5.5 percent recorded in November, according to advanced numbers released by Spain's National Statistics Agency (INE).
Several economists predicted at the time that inflation was falling after reaching 5.4 percent in October.
According to the INE, the main source of Spain's rising inflation rate is sky-high energy prices, but rising food prices are also putting a strain on consumers.
According to preliminary data, food products have increased by roughly 5% since December 2020. As a result of an unusual wave of coronavirus infections in Spain, the cost of COVID-19-related services, such as testing, has increased by 18.3% over the previous year.
Core inflation increased by 2.1 percent, excluding the more volatile variables of food and energy.
In November, Euro zone inflation hit 4.9 percent, the highest level since records began in 1997, two years before the euro was introduced.
(Reporting by: The Decision Maker – Energy editors)