Spain: inflation up to 6.1% in February, core inflation at 40-year high of 7.7%

inflation arreglo

In Spain, the Consumer Price Index (CPI) rose by 1% in February compared to the previous month and raised its year-on-year rate by two tenths of a percentage point to 6.1%, due to higher energy and food prices, according to advanced data published on Tuesday by the National Statistics Institute (INE).

With the rise recorded in the second month of 2023, inflation has risen for two consecutive months in its year-on-year rate and is at its highest level since last November, when the CPI reached 6.8%.

The INE includes in the advance CPI data an estimate of core inflation (excluding unprocessed food and energy products), which in February rose by two tenths of a percentage point to 7.7%, placing it 1.6 points above the general CPI and at its highest level in more than 40 years.

In monthly terms (February over January), the CPI recorded an increase of 1%, its highest monthly rise since last June, when it rose by 1.9%.

Meanwhile, consumer prices in France rose to 6.2% in a year, after 6% in January, according to the provisional estimate published by INSEE on Tuesday morning. This new upturn was due to the acceleration in food prices, which rose by 14.5% over one year, and services (+2.9%). In one month, consumer prices would increase by 0.9%, after 0.4% in January.

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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.