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Energy costs push Spain’s inflation to 13-year-high By Reuters

by Mike Robinson

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© Reuters. A Spanish woman shopping at Madrid’s market with a mask on her face, May 31st, 2021. REUTERS/Susana Vera

(Reuters) – Spain’s inflation surged to a 13-year-high in September as national consumer prices rose 4.0% year-on-year, flash data from the National Statistics Institute (INE) showed on Wednesday.

According to INE the energy prices and, in a less extent, vehicle fuels and lubricants were responsible for the most recent rise of 4.5% since September 2008.

Spain has been among the European countries that have seen their energy bills rise as gas prices skyrocket due to factors like low storage stocks.

INE data revealed that Spain’s EU harmonised consumer price Index increased by 4.0% in September. This is a new 13-year high, and a significant increase from the 3.3% recorded in August. Reuters analysts polled expected a 3.7% rise in price.

The spiralling cost of energy has also pushed Spanish prices up, to the highest point since May 1980. They jumped 18% over the same period in August.

In most cases, higher industrial prices translate into lower consumer prices within weeks.

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