Spain: In January, inflation rose by 5,8 percent on an annual basis

With the increase recorded in the first month of 2023, inflation interrupts the five consecutive months of decline in the rate on an annual basis and resumes its upward trend

In January, inflation in Spain rose by 5,8 percent year on year mainly due to the increase in fuel prices. This is what emerges from the provisional data published today by the National Institute of Statistics (ine) which will have to be confirmed in the middle of next month. With the increase recorded in the first month of 2023, inflation interrupts the five consecutive months of declining rates on an annual basis and resumes its upward trend. However, the January figure is five points lower than the peak reached last July, when inflation had risen to 10,8 per cent, the highest level since September 1984. According to Ine, the increase in the of consumer prices (CPI) at 5,8 is mainly due to the increase in fuel prices and the fact that clothing and footwear fell less earlier this year than in January 2022. In contrast, the statistics highlight that electricity prices fell more in January 2023 than in the previous year.

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