Spanish consumer prices are running wild in coincidence with the start of the war in Ukraine and set a 33-year record in February.
According to the Consumer Price Index (CPI), in February year-on-year inflation climbed to 7.4%, its highest figure since July 1989, according to the preliminary flash estimate published on Monday by the National Institute of Statistics (INE).
This flash estimate of the CPI will have to be confirmed in two weeks, when the INE will publish detailed data on the evolution of the prices of goods and services. If confirmed, it would mean a strong increase, of more than one percentage point, in its annual rate, since in January inflation was 6.1%.
Inflation is driven, as it has been for months, mainly by increases in the price of energy products. Prime Minister Pedro Sanchez and experts have already warned that Russia's invasion of Ukraine will likely push energy prices even higher.
However, this increase in prices is already spreading to the rest of consumer products. Core inflation, which does not take into account the price of the most volatile components such as fresh food and energy, also increased 6 tenths and stands at 3%.
"This development is due to general increases in most of its components. Among them, it is worth noting those of the prices of food and non-alcoholic beverages and those of oil and fuels, as well as the development of electricity prices, which this month decreased but less than in February 2021," details the INE.
The increase in prices for February 2022 is the highest since July 1989, when the CPI also rose to 7.4%.
In a month-on-month comparison, Spanish consumer prices registered an increase of 0.6% in February compared to January, according to the CPI.