Spain’s inflation hits 7.4%, highest in 33 years

By Alyssa McMurtry

OVIEDO, Spain (AA) - Spain’s year-on-year inflation rate hit 7.4% in February, the highest level since 1989, according to preliminary data released Monday.

Spain’s National Statistics Agency said consumer prices increased generally, but the prices of food, non-alcoholic drinks and fuel increased most sharply.

In January, economists were relieved when the inflation rate slowed down, but surging prices this month were higher than many predicted.

Core inflation, which excludes the more volatile categories of food and energy, increased 3%. That is the largest spike since 2008.

Meanwhile, Spain is bracing for even higher energy prices due to the Russia-Ukraine war.

“We are in an incredibly uncertain situation. We were already dealing with inflation, and now a conflict in Ukraine. We’re worried, and we are analyzing what measures we can take,” Spanish Transport Minister Raquel Sanchez said Monday.