Spain: Inflation up to 5.9% in January, core inflation soars to 7.5%

inflacion super

2023 has started with a new jump in the CPI, to 5.9%, after the decline that started in July last year from a record high of 10.8%. Clothing and transport lead the rise this month. And, although food is down slightly, some groups, such as fish, are starting to pick up again in the monthly statistics.

Core inflation continues to soar, rising above the headline CPI for the first time in December and now stands at 7.5%. This is almost three times the average wage increase that ended the year at 2.81 %.

“In Spain we have become poorer and we continue to get poorer month by month. All international statistics place our country at the bottom in terms of income loss. In fact, the OECD highlights that, in contrast to a slight general recovery, Spain has lost almost 8 % of purchasing power”, explains Joaquín Pérez, secretary general of the USO trade union.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.