Inflation in Spain slowed down in August, reaching 10.4% year on year compared to 10.8% in July, according to preliminary estimates released by the National Institute of Statistics.
Inflation, especially fueled by rising energy prices, has remained above the 10 percent threshold since June, at levels not seen since the mid-1980s. And it hasn’t seen a slowdown since last April.
The slowdown in inflation is due, in particular, to lower fuel prices, the institute believes, while electricity and food prices continue to rise.
Spain, like other European countries, has been facing hyperinflation for months now due to tensions caused by the return to the economy after the Covid-19 crisis and the war in Ukraine.
Inflation, which was initially limited to electricity and fuel, has spread to all sectors of economic activity, especially food, seriously affecting the purchasing power of families.
The Spanish government expects inflation to decline by the end of the year but remain high, with an average of 7.8% expected in 2022.
Source: El Iktisad
