Inflation in Spain records highest ever since April 1985
(MENAFN) Initial data from the National Statistics Institute (INE) presented that Spain has registered its biggest inflation since April 1985, increasing to 10.2 percent in June from 8.7 percent in the prior month.
The analysis was bigger than the 9.0 percent estimate by forecasters polled by news agencies.
The INE data presented that core inflation, which strips out volatile food as well as energy costs, soared to 5.5 percent annually from 4.9 percent a month earlier, the peak since August 29 years ago.
As stated by Economy Minister Nadia Calvino to parliament last week “The news of the last few weeks is not positive ... Russia’s gas and oil export cuts are accelerating rising energy prices.”
The INE signaled that the high increase of inflation in Spain was majorly because of skyrocketing food and fuel costs.
the INE stated that Also influencing the rise in national consumer prices are the prices of hotels, cafes as well as restaurants, which have all surged since last year.
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