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ARCHIVED - Inflation in Spain skyrockets in October
The IPC has registered its highest rate in Spain in 29 years
The Consumer Price Index (IPC), which measures the price of consumer goods in Spain, increased by 2% in October compared with the previous month. In addition, its inter-annual rate shot up 5.5%, bringing it to the highest level in 29 years, all thanks to the soaring price of electricity.
According to the latest data published by the National Institute of Statistics (INE) on Thursday October 28, the annual variation rate has also been influenced by the rising costs of fuel and gas.
When considering core inflation in Spain, which excludes the trend of non-processed food and energy products, the figure actually rose by 40%. In monthly terms, the CPI has recorded its third consecutive rebound, rising 2% in September, its largest monthly recovery in almost 36 years.
The INE will publish the final CPI data for October on November 12.
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