Inflation in Spain rose to 10.2 per cent in June, according to government data published last month. Compared with the 8.7 recorded in May, the figures show the biggest increase in prices during any month of June since 1977.
Both power and fuel were more than 40 per cent more expensive than 12 months earlier, while heating rose by 37 per cent. Oil for cooking rose by 37 per cent, milk was up a fifth and bread was almost 14 per cent dearer.
The data from the National Statistics Institute suggest the average household in Spain will spend €3,550 more per year. Underlying inflation, which excludes fresh food and energy, rose to 5.5 per cent, which was the highest since 1993.
Government ministers were said to be disappointed with June’s figures, but continue to maintain that inflation will fall back to 9 per cent by the end of the year, and reducing further in 2023. Spain’s current inflation forecast for the whole of 2022 stands at 6.1 per cent.