(MENAFN- Trend News Agency)
Spanish 12-month inflation rose to 10.2% in June, the first time
it has surpassed 10% since April 1985, from 8.7% in the previous
month, preliminary data from the National Statistics Institute
(INE) showed on Wednesday, Trend reports with reference to Reuters .
The reading was higher than the 9.0% forecast by analysts in a
Core inflation, which strips out volatile food and energy
prices, rose to 5.5% year-on-year from 4.9% a month earlier, the
highest since August 1993, the INE data showed.
Spanish European Union-harmonised inflation was 10.0% in the 12
months through June, up from 8.5% a month earlier.
'The news of the last few weeks is not positive ... Russia's gas
and oil export cuts are accelerating rising energy prices,' Economy
Minister Nadia Calvino told parliament on Wednesday.
Russia's invasion of Ukraine and the subsequent pressure on
energy and food markets has stoked inflation, which was already
accelerating as the global economy reopened after the coronavirus
In Spain, INE said, this evolution in prices is mainly due to
the rise in fuel prices, bigger this month than in June 2021, and
of food and non-alcoholic beverages, which were flat in June last
Also influencing the increase in national consumer prices are
the costs of hotels, cafes and restaurants, which all rose from
last year, INE said.
The soaring cost of living in Spain is putting pressure on the
government of Prime Minister Pedro Sanchez, which passed on
Saturday a second series of measures, worth 9 billion euros ($9.45
billion), to help poor households cope with inflation.
Rising consumer prices 'show the severity of the situation and
the measures we are taking are appropriate,' Sanchez said on
Wednesday morning on local radio station Cadenza SERA.
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