Rise in electricity and fuel prices raise inflation to 4% in Spain

Rising electricity and fuel prices have raised inflation in Spain to 4%, its highest annual rate in 13 years.

According to the flash indicator published on Wednesday by the Spanish statistical office (INE), the estimated inflation for September 2021 is 4%.

If this estimate is confirmed, it would mean an increase of seven tenths in its annual rate, since in August this variation was 3.3%, and would be at its highest level since September 2008.

According to the INE, in this upward trend the rise in electricity prices stands out, much higher this month than in September a year ago.

Also influential, although to a lesser extent, is that tourist packages prices fell more in 2020 than this year, and that fuels and oil prices for personal vehicles rose, compared to a decline in the previous year.

Consumer prices registered a rate of 0.8% in September compared to August, according to the Consumer Prices Indicator (CPI).

Source: INE.

Core inflation

For its part, the estimated annual variation rate of core inflation (general index excluding non-processed food and energy products) increases three tenths to 1.0%, which is three points below to that of the general CPI.

This is the highest difference between the two rates since the beginning of the series in August 1986, emphasizes the INE.