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Spain: 12-month inflation exceeds 10% in June for



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12-month inflation in Spain rose to 10.2% in June, exceeding for the first time 10% in April 1985, from 8.7% in the previous month, according to preliminary data presented by the Spanish National Institute of Statistics (INE) , informs Reuters,

Core inflation, which does not include volatile food and energy prices, rose to 5.5% from last year, from 4.9% a month earlier, the highest since August 1993, INE data show.

Inflation in Spain harmonized in the European Union was 10.0% in June, up from 8.5% in the previous month.

“News in recent weeks is not positive… Russia’s gas and oil export cuts accelerate rising energy prices”,

Economy Minister Nadia Calvino told parliament on Wednesday.

Russia’s invasion of Ukraine and subsequent pressure on energy and food markets fueled inflation, which was already accelerating as the global economy reopened after the coronavirus pandemic.

In Spain, according to INE, this evolution of prices is mainly caused by the increase in fuel prices, which were higher this month than in June 2021, and food and non-alcoholic beverages, which remained constant in June last year. .

It also influences the rise in national consumer prices and the costs of hotels, cafes and restaurants, which all increased compared to last year, according to INE.

Rising cost of living in Spain is putting pressure on Prime Minister Pedro Sanchez’s government, which on Saturday adopted a second round of measures worth 9 billion euros ($ 9.45 billion) to help poor households cope with inflation.

Rising consumer prices “demonstrate the seriousness of the situation and the measures we are taking are appropriate”,

Sanchez told local radio station Cadenza SERA on Wednesday morning.