Spain’s annual inflation rate falls to 2.2% with food price rises slowing further

SPAIN’S annual inflation rate clocked in at 2.2% in April- down by 0.1 %- with food inflation at 2%.

The National Institute of Statistics (INE) said it was the lowest overall figure since October when it stood at 1.8%.

The year-on-year rate reduction is down to a fall in electricity, gas, and petrol prices.

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That has been counterbalanced by an increase in clothing and footwear prices(7.2%) along with a 2.6% increase for tourist package holidays.

The inflation rate for food and non-alcoholic drinks stood at 2%- down 0.4% compared to a year earlier.

One of the biggest price falls is for olive oil which fell 5.5% compared to March.

The so-called ‘liquid gold’ has seen its price tumble by 42.2% compared to April 2024.

It’s price has rocketed by 76.3% since January 2021.

Core inflation which strips out fresh food and energy prices went up by 0.4% to 2.4%- the first time it has been above the general headline rate since last October.

The rise ends a three-month sequence of falls.