Annual inflation rate in Spain end of 2021 highest since 1989

The National Institute of Statistics said today that consumer prices in Spain rose on an annual basis by 6.7% in the twelve months to December, compared to 5.5% in November, the fastest annual rate of inflation since 1989.

The consumer price index rose by 1.3% in December, and the National Institute of Statistics said that electricity fees led the annual price index to the highest level in 32 years, adding that food prices also rose significantly in 2021. The inflation rate for 2021 was the highest since a 6.9% increase in 1989 when the country was experiencing rapid economic expansion after joining the European Union in 1986. Spain also recorded an annual inflation rate of 6.9% in March 1992.