Food and fuel costs drive Spanish inflation to 29-year high -Breaking
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© Reuters. A high-voltage electricity pole and power lines can be seen near Barcelona in Spain on September 29th, 2021. REUTERS/Albert Gea/File photoMADRID (Reuters). -Spanish inflation reached its highest level in three decades last November, as rising fuel and food prices pushed consumer prices up by 5.6% year on year, according to data from National Statistics Institute of (INE) Monday.
From October’s 5.4%, the rate increased to its highest point since September 1992’s 5.8%. The euro area has seen inflation rise in the last months. Spain is particularly affected.
High food prices were followed closely by rising fuel costs and lubricants. The INE reports that a long-term acceleration in electricity cost has been reversed since November.
The INE data revealed that the Spanish inflation rose 5.6% to November on a EU-harmonised base, up from 5.4% October.
It rose to 1.7% from July 2013, the highest core inflation since July 2013.
According to Isabel Schnabel, a member of the board, Euro Central Bank thinks that euro zone inflation will peak in November. It is expected to slow down next year due to supply shortages and energy crunch.
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