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Spain registered a year-on-year inflation of 5.6% in November, a record in 29 years

A greengrocer in the Central Market of Valencia, Spain (Europa Press)
A greengrocer in the Central Market of Valencia, Spain (Europa Press)

The Inflation continued to accelerate in Spain in November, reaching 5.6% year-on-year, its highest level since September 1992, according to a first estimate published on Monday by the National Institute of Statistics (INE).

The figure, on the rise compared to the month of October (5.4%), is mainly explained by the increase in the price of food products and fuels, since in November 2020 both categories fell. Nevertheless, Electricity prices, which have not stopped rising in recent weeks, fell slightly, according to the public body.

The advance released by the INE also indicates that core inflation – which does not include the price of food or energy – stood at 1.7% this month, three tenths more than in October and almost four points below the General CPI.

In one month, the Harmonized Consumer Price Index (HICP), which allows comparisons with other countries in the euro zone, also stood at 5.6% in the interannual rate and at 0.3% in the monthly rate , according to the INE.

Information panel on fuel prices at a gas station in Madrid.  EFE / Emilio Naranjo / Archive
Information panel on fuel prices at a gas station in Madrid. EFE / Emilio Naranjo / Archive

Inflation began to rise at the beginning of the year in Spain, as in the rest of the European Union, after having remained negative for most of 2020 due to the economic impact of confinement.

In October, its acceleration was more marked, going from 4% year-on-year -and a record since 2008- to 5.4%.

Current inflation in the euro zone, higher than 4% in one year – its highest level since the introduction of the single currency in 1999 – is due to the exceptional context created by the pandemic, according to the European Central Bank (ECB).

(With information from AFP and EFE)

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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