Petrol prices in Spain hit all-time high since rampant Covid era as inflation hikes price by a third
Spain inflation reached 4.9% in September, its highest rate since February 2023, as petrol and diesel prices surged and the government extended fuel support.
Spain's inflation hit its highest level in over three years in September, according to the National Statistics Institute's final figures released on Wednesday. The EU-harmonised annual inflation rate surged to 5.0%, up from 4.6% in August. The core inflation, which excludes volatile fresh food and energy prices, also rose to 3.1% from 2.9%.
This marks the first time Spain's inflation rate has reached this level since 1984, a figure last seen in 2022. The surge in prices is primarily attributed to rising fuel and air travel costs. This trend of inflation has persisted above the European Central Bank's 2% target since the aftermath of the Covid-19 pandemic and Russia's invasion of Ukraine.
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