The CPI shot up 1.5 points in June, closing at a year-on-year rate of 10.2%, according to the INE’s leading indicator. This is the highest inflation in 37 years, since 1985, surpassing both the 8.7% figure recorded in May and the previous high of 9.8% in March.
Gasoline and food products were responsible for the rise in prices, according to the INE, which, as this is a first estimate, does not give an account of the composition of the rise in prices.
Core inflation, which does not take into account the most volatile products, such as fuel or food, is already at a year-on-year rate of 5.5%, after rising six tenths of a percentage point this month. This is the highest since 1993.
In May, food already posted the highest rate of increase in almost three decades, 11% year-on-year, and contributed 2.5 points to the rise in inflation.
The rise in prices, in any case, is not exclusive to Spain. In Germany it is at 7.9%, and just yesterday the president of the ECB, Christine Lagarde, anticipated the possibility of intensifying the rate hike planned for September, from 15 to 50 basis points.