Spain: Inflation remained high at 29 in November

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Inflation in Spain remained at a 29-year high in November for the second month in a row, mainly due to food and fuel prices, according to final figures from INE.

Consumer prices rose 5.5% year-on-year in November, the highest level since 1992, up from 5.4% in October.

Initial estimates spoke of 5.6%. Monthly data showed an increase of 0.3% in November.

Food and transport prices increased by 3.3% and 13.5% respectively compared to the previous year, mainly due to high fuel prices.

Structural inflation stood at 1.7% year-on-year, up from 1.4% a month ago.

High inflation threatens Spain’s growth prospects. Central Bank Governor Pablo Hernandez de Cos said rising inflation, supply problems and rising coronavirus outbreaks in Europe would hit the Spanish economy and lead to a slight downgrade of growth prospects in the fourth quarter. and in early 2022.

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Source From: Capital

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