According to the latest data from the INE (Statistics Nacional Institute) for May 2022, the CPI has rasen to 8,7% and the estimated annual rate of change core inflation (general index without unprocessed food and energy products) has increased by five tenths of a percentage point to 4.9%. This is the highest rate in Spain since October 1995.
Therefore, this means that the thing which you buy on may 2022 is 8,7% more expensive than what you bought at this time the year before.
But… Do you know which products have risen in price the most in the last year?
According to the INE data, the electricity price and gas are the most increased percentage, they are an increase of over 40%. This is followed by transport, which has risen by more than 12% , and food and beverages, which risen by more than 10%. Leaving the top 3, followed by restaurants and hotels, they increased by 5,8%; home repairs and furniture, up to 5,7%; alcohol and tobacco, up to 3,4%,, and the water supply, up to 1,5%. These are the most remarkable data but, as we can see, everything has risen at an alarming rate.
According to INE data, the products that have risen the most are: edible oils, up 96%; liquid fuels, up 95%; hotels, up 50%; electricity, up 35%; diesel, up 32%; flour and other cereals, up 23%; natural gas, up 19% and milk, up 13%.
But the latest news is not the most encouraging. Inflation is expected to remain high throughout the year due to the huge increase in fuel, gas and electricity prices as a result of the conflict between Russia and Ukraine.
Indeed, this is why FM Logistic Ibérica is committed to becoming energy independent as a country. We have the infrastructure and the ideal economic conditions to invest in green hydrogen and to be the main European power in this type of green fuel.
But these data are not very different from those of European countries. According to Eurostat (the statistical office of the European Union), average inflation in the Eurozone rose to 8.1%. Spain is the eighth country with the lowest inflation among the 19 neighboring countries.
Looking at product inflation in the euro area, Eurostat estimates that energy has risen by 39.2 %, food, alcohol and tobacco by 7.5 %, non-energy industrial goods by 4.2 % and services by 3.5 %.