(Reuters] – Spanish inflation reached its highest point since 1992 with rising costs for housing and utilities, as well as food, last month’s data from the National Statistics Institute, (INE), showed Friday.

The December data revealed that Spanish consumer prices increased 6.5% in comparison to the initial flash estimate of 6.7%. However, this revised figure was slightly lower than the original 6.7% but it accelerated the upward trend, which will lead to the highest inflation rate since May 1992.

The soaring prices of electricity caused a 23.3% increase in housing and utility prices year-on-year according to the INE’s second detailed reading. The electricity prices have risen by 72% compared to a year earlier.

Even with the wide-based rise in costs for transport, December transportation prices fell 10.9% in comparison to November. The drop was due to fuel price drops.

The National Statistics Institute data revealed that core inflation (which excludes volatile food and energy prices) was 2.1% in the past year. This is up from 1.7% one month ago.

Luis de Guindos, Vice President of European Central Bank, stated that the spike in inflation within the euro area was not temporary and that prices could rise this year beyond projections.

According to him, inflation will likely fall below the Bank’s 2% target for 2023 and 2024.