(Reuters.) – Spain’s inflation remained at a 29th-year high in November, driven by higher fuel prices and food prices. This was according to the final monthly data released Wednesday by the National Statistics Institute.

According to final data from INE (increased from 5.4% in Oct), consumer prices increased 5.5% in November. This is the fastest rate since 1992.

Flash estimates for November were released in late October and showed that it was 5.6%. The November monthly inflation rate was 0.3%.

The INE reported that food and transport prices increased by 3.3% and 13.5% respectively from a year earlier in its second reading. This was due to high fuel prices.

Core inflation is a measure that strips out volatile energy and food prices. The reading was 1.7%, INE stated.

Spain faces high inflation, which could threaten its growth prospects. Pablo Hernandez de Cos from the Bank of Spain stated on Tuesday that increasing inflation, supply disruptions and an increase in COVID-19 in Europe will impact Spain’s economy. This would prompt a slightly downward revision of its growth projections for the fourth quarter of 2020 and the first half of 2022.

The European Central Bank continues to maintain its message of temporary price growth. Christine Lagarde (ECB President) stated that the euro area inflation was already at its highest point and could soon start a fall that will be sustained through the next year.