The CPI shoots up to 10.2% in June, its highest level in 37 years

The CPI shoots up to 10.2% in June, its highest level in 37 years

07/13/2022

Updated at 09:17 a.m.

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The cost of living maintains its unstoppable upward trend and the increase in the cost of essential goods, such as food or fuel, reduces the purchasing power of the Spanish day after day. Statistics confirmed today, Wednesday, that the Consumer Price Index (CPI) exceeded the two-digit limit in Juneafter rising 1.5 points and reaching 10.2% for the first time since 1985. Energy prices are no longer the only culprits for the rise in inflation in Spain: the shopping basket shows the increases, with products, such as edible oils, which shot up 87.5% compared to a year ago.

The unstoppable escalation of inflation is a fact despite the plans deployed so far by the Government and the cap on gas applied with the "Iberian exception" mechanism. The optimism of the members of the Executive Nor has it been able to stop the increase in electricity or fuel prices, nor has it stopped their filtration into the shopping cart. In fact, core inflation, excluding energy products and fresh food, increased to 5.5%, the highest percentage since August 1993.

The INE explains that the item with the greatest influence on the rise in the CPI for June was transport, which registered an annual variation of 19.2%, more than four points above that registered in May. In turn, the reasons for this increase are based on the increases in the prices of fuels and lubricants. Specifically, liquid fuels grew 40.7% year-on-year: diesel rose 42.7% and gasoline 34.4% year-on-year.

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