Inflation in Catalonia skyrockets to 7.4% in February
Spain’s rate reached 7.6%, highest rate in 36 years surpassing expectations
At 7.4%, the consumer price index (CPI) increased in Catalonia in February compared to the same month of 2021, reaching all-time high numbers after January’s drop, the first one in 10 months, according to the latest figures released by the Spanish Statistics Institute (INE) on Friday morning.
Last month, year-on-year prices in Catalonia were 5.9%, 1.5 points lower than those registered in February.
This is the highest difference between two months since authorities started recording CPI metrics in 2002.
This is attributed to the generalized price increase, but especially electricity, food, drinks, and fuel prices in February 2022.
Electricity, gas, and other fuels cost is 54.7% more expensive than a year earlier.
Indeed, the cost of electricity is soaring. On Tuesday, wholesale prices hit their latest record by reaching an average of €544.98/MWh, breaking the previous day's all-time high, according to the Iberian Electricity Market Operator (OMIE). This was roughly double the price seen when the Ukraine war began. On Friday, it stood at €284/MWh in a highly volatile week.
In Spain, the CPI registered in February reached 7.6%, the highest figure recorded since 1986.
Housing cost increases
The highest increase has been registered on housing costs with a CPI of 22.3% in February, compared to the previous month, 15.8%. The reason behind this rise is that electricity and gas bills are included in this metric.
Food has also increased its price, for example, Catalans paid 10.2% more for milk products compared to January prices. Cereals are now 8.7% more expensive, coffee cost grew by 7.3%, bread rose the price by 5.7%, fruit by 5.4%, vegetables increased 4%, and fish was 3.6% more expensive.