Spain’s inflation rate up to 5.6% in November, highest since 1992
Lack of supplies and last year’s price drop key reasons behind soaring costs
The rate of change in the Consumer Price Index (CPI) keeps breaking records. Last year’s heavy price drops and the current worldwide supplies crisis increased Spain’s November CPI up to 5.6% on 2020.
The increase was further pushed by the rise in the price of fuel, food, and electricity. Inflation registered is the highest since 1992, according to national data released on Monday.
Catalonia’s inflation, also reaching record levels
Prices rose in Catalonia by 1.7% between October and September and stood at +5.28% compared to the same month in 2020.
These figures are the highest monthly and yearly rise Catalonia has seen since records were kept of the price fluctuations in the various territories of Spain, which began in 2002.
The figures are according to data published on November 12, by the National Statistics Institute (INE).
The rate of change in the Consumer Price Index (CPI) is down to the fall in prices recorded in October last year (-1.1%) combined with the sharp rise in the prices of electricity, water, and gas (+17.7%), and fuels (+12.6%). Supplies have been rising 8% or more every month compared to a year before for the past seven months, a similar trend to fuel.