INFLATION in Spain has reached its highest level in 16 months due to hikes in electricity prices.
The provisional October figure released by the National Institute of Statistics(INE) on Thursday stood at 3.1%- up by 0.1% on September.
The INE said the rising cost of rail travel was also a factor but the rate could have been higher had it not been for a fall in petrol pump prices.
READ MORE:
October’s rise means there has been two months of increases in the annual inflation rate since it stood at 2.7% August.
It’s the highest rate since June 2024 when it stood at 3.4%.
Core inflation which strips out volatile energy and fresh food prices rose by 0.1% to 2.5%.
Inflation in Spain therefore remains above the 2% target set by the European Central Bank (ECB) and the EU average, of 2.2% in September.
Inflation dipped below 2% after the double digit peaks reached from mid-2021 caused by post-pandemic demand and supply issues, followed Russia’s invasion of the Ukraine.
In recent months, inflation has been rising and though price hikes are not as dramatic as a few years ago, they are still very much an issue for consumers.
Click here to read more Business & Finance News from The Olive Press.
