30 Mar, 2022 @ 12:12
1 min read

Spain’s inflation rate surges to 9.8%- highest figure since 1985

Spain's Inflation Rate Surges To 9.8% Highest Figure Since 1985
Cordon Press image

INFLATION in Spain has soared to 9.8% in March- the highest rate since May 1985, according to figures from the National Statistics Institute(INE).

The rate stood at 7.6% in February.

The INE said the March increase was due to the surge in electricity and fuel prices, but also by the rise in the cost of food items due to the war in Ukraine.

Speaking to Congress on Wednesday, Prime Minister Pedro Sanchez said: “ It is a bad figure which affects our economy, especially more vulnerable groups … due to runaway energy prices.”

The government approved plans on Tuesday to give €16 billion in help to businesses and homes hit by the impact of Russia’s invasion of Ukraine.

The package running until the end of June includes a cut of 20 cents per litre for fuel at the pumps.

“We are convinced that the national response plan and especially the agreement reached in Brussels to set a gas reference price… will allow us in the near future to bend the inflation curve and stabilise the evolution of the cost of living,” Sanchez added.

Spain is poised to be among Europe’s worst-hit economies by the energy shock unleashed by the Ukraine war, with JPMorgan last week slashing its 2022 economic-growth projection to 4.2% from 6%.


Alex Trelinski

Alex worked for 30 years for the BBC as a presenter, producer and manager. He covered a variety of areas specialising in sport, news and politics. After moving to the Costa Blanca over a decade ago, he edited a newspaper for 5 years and worked on local radio.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Spanish vaccine
Previous Story

Spain’s Hipra booster vaccine against Covid-19 could be ready by summer

4 bedroom Villa for sale in Alberic - € 295
Next Story

4 bedroom Villa for sale in Alberic – € 295,000

Latest from Business & Finance

Go toTop

More From The Olive Press