Inflation in Spain exceeded 10% in June for the first time since 1985

Spain’s inflation rate rose to 10.2% in June on an annual basis, the first time it has exceeded 10% since April 1985, from 8.7% in the previous month, according to preliminary data from the National Institute of Statistics, with the reading coming in higher than expectations of 9 %.

Data from the National Institute of Statistics showed that core inflation, which does not include food and energy prices, rose to 5.5% on an annual basis from 4.9%, the highest level since August 1993.

The Russo-Ukrainian war and pressure on energy and food markets increased the rate of inflation, which was already accelerating as the global economy reopened after the coronavirus pandemic.

This development in prices in Spain is mainly due to higher fuel prices, which were greater this month than in June 2021, and food and beverages, which were flat in June last year, the National Statistics Institute said.