Spain’s inflation hits 4.9% as fuel prices climb

Spain’s inflation hits 4.9% in September: rising fuel costs push the annual rate to its highest level since February 2023. The National Statistics Institute released the provisional figures on Tuesday, showing prices rising for a third straight month.

Fuel drives the increase

The annual inflation rate is six-tenths of a percentage point higher than in August. Fuel and lubricants for private vehicles cost more in September; in the same month last year, their prices fell. Spain’s Ministry of Economy, Trade and Enterprise says the war in Iran is the main reason fuel has become more expensive.

Package holidays also played a part, but a smaller one. Their prices fell this September, though not as much as they did a year earlier.

Final figures due in October

Core inflation, which leaves out unprocessed food and energy, rose to 3.1%. Consumer prices overall increased by 0.3% from August to September. The institute will publish final figures on 14 October, with more detail on which products drove prices up.

The Spanish cabinet is due to approve further help with rising costs on Tuesday. It has not yet set out the full plan, but says it will extend support for the agriculture and food sector, including help with the extra cost of agricultural diesel.

Topics: Social affairs · Tourism · Politics · Economy

Source: Europa Press / Mallorca.com