- Inflation in Spain is close to 11% and they warn that it will be worse
- Food, energy (especially gas), beverages and the absence of offers from clothing stores, among the reasons.
- In the Eurozone, year-on-year inflation already marked 8.9% in July, its historical maximum.
Inflation is affecting practically everyone. There is hardly a country that is not registering strong increases in the prices of most of its products and services.
The causes are varied, but the main ones are two: the pandemic boosted the spending of the States to contain the economic collapse and, when that problem was coming out, the war between Russia and Ukraine arrived.
Thus, to the greater monetary issue was added the increase in raw materials and prices literally “flew through the air”.
In Mexico, for example, in the first half of July, inflation reached 8.16 percent, and in Germany, it is already close to 8 percent.
An extreme case for first world countries is Spain, where in July prices increased by 10.8 percent, according to the official body of that country.
Inflation in Spain does not yield
According to the leading indicator that was published this Friday, July 29, by the Statistics National Institute (INE) of Spain, inflation in that country rose again to stand at 10.8 percent annually.
It is the highest annual rate since that registered in September 1984.
Although the data is expected to be confirmed on August 12, when the final index is published, the truth is that official inflation for July will not differ too much.
According to the INE, the acceleration of inflation in Spain was due to the increase in food, beverages and electricity.
also impacted a decision by Zara, H&M and other stores dedicated to fast fashion: lower sales on clothing and footwear compared to last year.
“Global tensions”: causes of inflation
According to the Spanish media, citing sources from the Ministry of Economy of that country, the Government considers that inflation is a “global phenomenon” and a consequence of “geopolitical tensions”. Because of that: energy and food prices rise.
The upward trend in inflation began in March 2021 in Spain and since then it was only interrupted in January 2022, when it fell 4 tenths (6.1 percent). Then it did not go down until the data for July.
In the Eurozone, year-on-year inflation already marked 8.9% in July, its historical maximum.
On the other hand, the Harmonized Consumer Price Index (IPCA), which is the one used to compare with other European countries, also stood at 10.8 percent.
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