Spain records highest inflation since 1985| MENAFN.COM

Wednesday, 28 September 2022 08:43 GMT

Spain records highest inflation since 1985


(MENAFN) Spain has witnessed its highest inflation since April 1985, rising to 10.2 last month from 8.7 percent in May, according to data from the National Statistics Institute (INE).

The reading was higher than the 9.0 percent prediction by forecasters polled by Reuters.

The INE data indicated that core inflation, which strips out volatile food and energy costs, went up to 5.5 percent on an annual basis against 4.9 percent in June, the highest since August 1993.

“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 informed parliament the previous week, Reuters reported.

The INE showed that the high increase of inflation in Spain was mainly as a result of high food and gasoline costs.

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