30 Jan, 2023 @ 12:00
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What caused inflation in Spain to rise above market forecast this month

Supermarket Sales
File photo dated 24/7/2020 of a shopper wearing a face mask in a supermarket in East London. Britons have spent £15.2 billion more on groceries during the pandemic as lockdowns and restrictions over the past year have forced the closure of pubs, cafes and restaurants, new figures show. Issue date: Tuesday March 2, 2021.

Inflation rose to 5.8% across Spain in January, much above the market forecast. 

The preliminary figure was up from 5.7% in December 2022, a 13-month low, as fuel price hikes accelerated in January.

Meanwhile, clothing, footwear and electricity prices decreased from a year ago.

The market estimate was at 4.9% year-on-year in January’s consumer prices.

On a monthly basis, Spain’s consumer price index (CPI) fell 0.3% in January, following a 0.2% rise last December.

A further cooling in energy inflation, on the other hand, put some downward pressure on the 5.8% figure. 

The removal of the state subsidy on fuel retail prices will also have exerted some downward pressure.

On the other hand, core inflation, excluding food and energy, rose further from 7% last month to 7.5% in January. 

Core inflation continues to rise worryingly strongly, showing that underlying price pressures in the economy are still very high. 


Anthony Piovesan

Anthony joins the Olive Press from Australia, where he worked as a journalist for six years. He reported for country and suburban newspapers, before becoming a political correspondent for News Corp.

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