Alex Trelinski
SPAIN’S inflation rate rose by 0.2% in June to 2.2%- mainly down to energy price rises spurred on by the crisis in the Middle East with motorists seeing hikes at the petrol pumps.
A second lesser factor was a rise in the cost of food and non-alcoholic drinks.
Core inflation, which strips out volatile priced products like energy and fresh food, remained by 2.2% according to the National Institute of Statistics (INE).
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Despite the overall inflation increase, the Economy Ministry- in a statement- said the trend was positive.
“Inflation remains contained around the reference level for the European Central Bank, while the Spanish economy remains the engine of growth among the main European economies,” it said.
“Spain continues with a situation of stability and price moderation that, together with wage increases, allows households to enjoy increased purchasing power,” the Ministry added.
In May, inflation stood at 2%, its lowest figure since 1.8% was recorded last October.
The percentage was in line with the 2% target set by the European Central Bank and meant three months of year-on-year declines.
The reduction was mainly due to cheaper tourist packages, including air and passenger transport, as well as a moderation in the cost of electricity, which became less expensive in May compared to the same month last year, despite the April 28 blackout.
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