Spain’s Inflation Grows 6.7%, Fastest Since 1992

Spanish consumer prices in December went up 6.7 percent from the same month last year, the fastest CPI change since 1992.

Prices grew faster in December than in November when the year-on-year inflation rate was 5.5 percent and well above economists’ expectations, according to flash data from the National Statistics Institute (INE).

The figure marked the ninth month of Spain’s inflation rate registering well above the European Central Bank’s target limit of 2 percent.

Energy prices primarily drove the increase to the 32-year high, along with a lesser but significant impact from higher food prices, INE said. The exact figures for the price index’s components will be released in January.

Prices have been increasing sharply since March this year. The December rate was the fastest increase since Spain recorded an annual inflation rate of 6.9 percent in March 1992.

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