13th July 2024
Barcelona News Business Catalonia News Economy & Employment Madrid News Main News

Inflation in Spain slowed slightly in August as fuel prices eased

Spain’s inflation rate slowed slightly in August as fuel prices eased, but it remained high due to rising electricity and food prices, official data showed on Tuesday.

The Russian invasion of Ukraine has sent inflation soaring worldwide, prompting central banks to hike interest rates in an effort to rein in consumer prices.

Spain’s annual rate hit 10.4%, compared to 10.8% in July, according to the National Statistics Institute (INE).

Inflation has remained in double digits in the eurozone country since June, a level not seen since the mid-1980s. ALSO READ: Spain’s 12-month inflation rate over 10% in June, for first time since 1985.

Economy Minister Nadia Calviño said consumer prices were on a ‘downward slope’ that will continue ‘over the course of the next months’. But she called for ‘caution’ as ‘uncertainty is very high due to the war’.

The Spanish government has rolled out aid packages in recent months to help households and businesses weather the inflationary pressure. ALSO READSpanish Congress approves country’s energy saving plan.

The European Central Bank (ECB), which oversees monetary policy in the eurozone, raised its interest rates for the first time in over a decade in July as energy prices drove inflation ever higher.

The ECB is expected to raise rates again at its next meeting on September 8th, with calls increasing for the bank to act decisively.

Sign up for the FREE Weekly Newsletter from Spain in English.

Please support Spain in English with a donation.

Click here to get your business activity or services listed on our DIRECTORY.

Click here for further details on how to ADVERTISE with us.

Recent Posts

Spain’s Supreme Court drops Puigdemont ‘terrorism’ probe due to ‘procedural error’

News Desk

Lamine Yamal, aged 16, makes history at Euro 2024: ‘I only ask to win, win, win.’

Sports Desk

Sánchez hails France’s ‘rejection of far right’ – and Labour’s victory in the UK

News Desk

Tourists in Barcelona sprayed with water pistols, as 2,800 protest against mass tourism

News Desk

Spain to play France in Euro semi-final, after knocking out hosts Germany

Sports Desk

Corruption investigation testimony of Spanish PM’s wife, Begoña Gómez, suspended

News Desk

Leave a Comment