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Inflation in Spain reached 6.1 per cent in February

Inflation in Spain reached 6.1 per cent in February

ECONOMY ·

The Spanish government continues to emphasise that inflation is the lowest in the European Union thanks to the measures adopted in recent months

Edurne Martínez | José María Camarero

Madrid | Malaga

Wednesday, 1 March 2023

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Annual inflation in Spain in February reached its highest level since November 2022 to stand at 6.2%, 0.2% higher than in the preceding month. According to data released on Tuesday by the country's national statistics institute (INE), this is due to the rise in electricity and food prices in February compared to the same month in 2022. In addition, core inflation – which does not take into account energy or fresh food – continued to soar for another month, reaching 7.7%, its highest level in more than 40 years.

The INE figures allow for an analysis of whether the IVA (Spain's sales tax) rebate on certain foods is having its effect. The latest data available for January points to a 50% rise in the cost of sugar, a 32% rise in the cost of olive oil and a 27% rise in the price of eggs in just one year.

The government continues to emphasise that Spanish inflation is the lowest in the European Union thanks to the measures adopted in recent months. And in the general rate the data is true, the European average reached 8.6% in January compared to 5.9% in Spain. However, the underlying rate is still more than two per cent higher than the European average, which closed January at 5.3%.

Moreover, in monthly terms the consumer price index recorded an increase of 1%, its highest monthly rise since last June, when it rose by 1.9%. For the time being the government is not considering taking any more measures than the IVA reductions on certain products that have been adopted since 1 January. Madrid maintains that the latest package of measures «still has some way to go» and that it will have to wait for prices to start to settle over the coming weeks.

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