The inflation closed the month of February at its highest level in 35 years, standing at 7.6%, two tenths above the estimate advanced by the National Institute of Statistics (INE) two weeks ago and 1.5 points higher than the year-on-year figure for January.
The INE has indicated this Friday that it is the highest CPI rate in Spain since December 1986and points to electricity, gasoline and food as the components of the index that had the greatest weight in this rebound.
In this way, the interannual inflation rate rises again after in January down compared to decemberwhen it went from 6.5 to 6.1%, and broke an upward trend that was repeated for 10 consecutive months and that is now recovering again in a context marked by the tensions caused by the conflict in Ukraine, which broke out last February 24th.
energies
Specifically, the category “electricity, gas and other fuels” led the increase in prices with a rise of 60% compared to February 2021, in contrast to the 39.6% increase observed in January and well above the use of personal vehicles (16.9%), accommodation services (12.6%), furniture (7.1%) and food (5.6%).
Within the fuel section, the price of the electricity starred by far the highest rise in the entire CPI, shooting up 80% in the second month of the year, above liquid fuels (52.3%), liquefied hydrocarbons such as butane or propane (33.4%) and gas nature (12.1%).
In the field of transport, the price of diesel a rise of 28.4% was noted and gasoline became more expensive by 25.1%.
feeding
As for food, other edible oils (including sunflower oil) and olive oil registered the greatest increases with rises of 32.3 and 30.6%, respectively, well above pasta (19, 9%) and flour (11.7%).
In this way, the year-on-year inflation rate rises again after falling in January compared to December, when it went from 6.5 to 6.1%, and broke an upward trend that was repeated for ten consecutive months and that now recovering again in a context marked by the tensions caused by the conflict in Ukraine, which broke out on February 24.
Since the CPI stood at 0.0% a year ago, the evolution of the indicator reflects how inflation has run amok: from 1.3% in March it went to 2.2% in April, to 2.7% in May and June, 2.9% in July, 3.3% in August, 4% in September, 5.4% in October, 5.5% in November, 6.5% in December and to 6.1% in January.
Tax rebates
Without the tax cuts approved by the Government to try to contain the rise in the electricity bill, the CPI at constant taxes would have reached 8.5%, according to INE calculations.
As for core inflation -which does not include fresh food or energy-, the statistical body has not revised the data and maintains it at 3%, six tenths above the figure for January; it was not at such high levels since September 2008.
On the contrary, the INE has revised the monthly CPI upwards by two tenths, which finally stood at 0.8%, its biggest rise in more than three decades.
It also revised upwards but by one tenth the harmonized consumer price index (the IPCA, which allows comparisons with other European countries), to leave it at 7.6%, one and a half points more than the figure observed the previous month .
in Catalonia
The Consumer Price Index (CPI) in Catalonia rose 8 tenths in February compared to January and the interannual rate stood at 7.4%, 1.5 points above that registered the previous month. Catalonia is the fourth community with the lowest interannual rate, together with the Basque Country, and behind Ceuta and the Canary Islands (6.8%) and Madrid (6.9%).
The prices that rose the most in Catalonia compared to January were, by far, those of transport (+2.9%), followed by housing and leisure and culture (+1%)food and non-alcoholic beverages and alcoholic beverages and tobacco (+0.7%) and tableware, hotels, cafes and restaurants and others (+0.6%).
On the other hand, the prices of clothing and footwear (-1.5%) they are the ones that fell the most, so did communications (-0.1%), and education and medicine remained the same.
On a year-on-year basis, the biggest rise is in housing (+22.3%) and transport (+12.9%), while the only prices that have fallen compared to January a year ago are communications (-0.7% ).
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By province, all registered an increase in prices compared to January: in Lleida they rose 1.1%, in Girona 0.9%, in Barcelona 0.8% and in Tarragona 0.5%.
On a year-on-year basis, the territory in which prices increased the most was in Lleida (9.6%), followed by Tarragona (8.3%), Barcelona (7.5%) and Girona (7.1%).