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Prices in Spain are still not fully under control. In February inflation rose again slightly to 3% from the 2.9% recorded in January due to the tax increase to our electricity bills, according to the consumer price index (CPI) published on Thursday by the INE (Spain's national statistics institute).
Despite the rise in electricity prices, inflation remains almost stable because fuel prices are lower than a year ago due to the moderation in the cost of a barrel of oil on international markets.
It is important to remember that, as of 1 January this year, IVA sales tax on electricity returned to 21%, up from the 10% rate that had applied until 31 December 2024, which is what caused the cost for this utility to rise.
This 3% is the highest CPI value since June 2024 and inflation has now been rising for five consecutive months.
For its part, core inflation - which does not take into account the most volatile products and utilities such as electricity or fresh food - fell three tenths to 2.1%, "within the price margins set by the European Central Bank (ECB)", says Spain's Ministry of Economy. This is the lowest underlying inflation rate since December 2021, before the price crisis erupted due to the invasion of Ukraine.
On a monthly basis, the CPI increased by four tenths of a percentage point and inflation has clocked up five consecutive months of monthly rises.
We will have to wait until 14 March - the day the INE publishes the final CPI for February - to find out which specific items and foods have risen the most to push the rate up to 3%.
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