Rising inflation in Spain
Spain’s National Statistics Institute (INE) announced that inflation for January was 5.8 percent. With the reduction of 20 cents per liter in fuel prices promoted by the left-wing coalition government due to last year’s energy crisis, an increase in inflation has been observed since the beginning of the year.
Inflation in Spain, which fell for five months after peaking at 10.8% in July 2022, was 5.7% in December.
The INE announced that the slowdown in inflation was broken and it rose again with 5.8 percent in January.
VAT ELIMINATED ON BASIC NEEDS PRODUCTS
Excluding unprocessed food and energy products, inflation rose half a point to 7.5 percent, reaching its highest figure since December 1986.
In the country, within the framework of the government’s decisions against price increases, VAT was eliminated on basic necessities as of January 1 and was reduced by half (from 10 to 5 percent) on oil and pasta. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
