Spanish inflation stays at 3-year high ahead of election
Inflation held at 4.9% in October, its highest since February 2023, with the cost of living a major issue before the election next month.
Spanish inflation remained at 4.9% in October, its highest level since February 2023, according to official data released just one month before a crucial election. The National Statistics Institute attributed the high inflation to soaring fuel costs, despite year-on-year drops in the price of essentials like food, non-alcoholic drinks, and clothing.
The Middle East conflict, which began in February, has disrupted global energy markets, but Spain's lower dependence on fossil fuels has mitigated some of the impact. Despite this, the cost of living remains a major concern for voters, particularly as Spain grapples with a housing crisis. The Socialist government, led by Prime Minister Pedro Sanchez, has introduced measures to protect consumers, including a cap on natural gas price increases and fuel discounts through December.
While Spain's dynamic economic growth continues at 0.6% quarterly, with GDP growth projected at 2.6% for the year, the cost of living is a key issue that may not yield electoral benefits despite the country's strong economic performance.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
