After 2020 where the impact of the pandemic on the economy caused price falls, Spanish inflation, as in the rest of Europe, began its rebound in February, reaching 0.5% per year, and then exceeding the barrier of 2% in April, 3% in August and 4% in September.
In this sense, the November figure would imply an increase of two tenths compared to October, when it had marked 5.4%, according to the INE report. Food and non-alcoholic beverages led the increases, marking an annual increase of 3.2%, with manufactured products reaching an increase of 2.5% and unprocessed products increasing 3.7%.
In this way, Spain does not escape the increase in food commodities in the world: according to the Food and Agriculture Organization of the United Nations (FAO), their cost shot up in October to the highest level since July of 2011.
For its part, in line with the rise in fuels worldwide, the category of fuels and lubricants for personal vehicles also registered an increase, while electricity prices fell. If only core inflation were taken into account (that is, without volatile prices for raw food and energy products), it would have been 1.7% per year (four points below the general CPI), although, in any case, with a rise of 0.3% compared to the previous month, to the highest level since July 2013.
Both the European Central Bank and the Bank of Spain reiterated that the acceleration of inflation is a temporary phenomenon due to the exceptional context of the pandemic (which caused, for example, problems in supply chains), for which, they argue, the monetary stimuli established by the coronavirus crisis should not be withdrawn prematurely.
Advances from economists affirm that the Eurozone is experiencing the highest inflation since it adopted the euro as its single currency in 1999, and they estimate that it would stand at an average of 4.5% in November for the 19-country bloc, according to the Bloomberg agency. .
Source From: Ambito
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