ARCHIVED - Rising electricity prices in Spain drive up inflation to 2.2% in April
Inflation rose to 2.2 per cent in April due to electricity prices in Spain, according to the National Statistics Institute (INU).
Twelve months ago, the Consumer Price Index (CPI) in Spain plummeted to negative rates in the wake of the pandemic, but last month saw the largest rise in almost two years
New data shows inflation is skyrocketing and the increase in April was the highest recorded since October 2018.
The rise in energy costs boosted prices in April by 2.2 per cent, compared to the same month of 2020, significantly higher than in March when it rose by 1.3 per cent, confirmed INE.
This strong increase in the CPI is mainly due to the rise in the price of energy products, which pushed up its inflation rate by 21.4 per cent due to a staggered effect, while in April 2020 prices fell sharply due to the oil slump.
Added to this was the sharp rise in the price of these products in April, especially electricity, which in the last two months has risen by 25 per cent and will continue to rise in June.
In light of these hikes, the Foundation of Savings Banks (Funcas) has not ruled out that inflation may even reach three per cent in the coming months.
Fuels, according to the European Oil Bulletin, have remained stable in April compared to March, although gasoline was already 19 per cent more expensive than a year earlier and diesel was 15 per cent more costly.