The INE confirms that prices are at their highest level in 37 years, with petrol and energy 41% more expensive than a year ago, oil 37% or eggs 24%
The rise in prices has become the protagonist of every conversation. Inflation is alarming, with a rate reaching 10.2% in June, as confirmed by the INE on Wednesday. After saying goodbye to May at 8.7%, four tenths above April, the June CPI went wild to 10.2%. A double digit well above expectations and representing the highest percentage since April 1985. It far surpasses the previous peak of 9.8% it had reached in March.
On a monthly basis, prices rose 1.9% in June compared to May, the largest increase in a June since 1977. And what is more worrying. Core inflation (excluding unprocessed foods and energy products) rose to 5.5%, six-tenths more than the previous month and the highest since August 1993.
In this way, the products that have become more expensive in a year are fuels, which have a price of 40.7% higher than a year ago, energy products (40.8%) and heating (35%). But on the food side, the situation is also worrying, with commodities in the basket such as oil at 37%, eggs at 23.9%, cereals at 18.4% or bread at almost 14%.
The data has outperformed all market forecasts and puts the economy and the Executive in a state of extreme impotence as they see how the measures taken so far to curb the price rise ultimately have no impact on the indicator.
In addition, experts warn that the ceiling may not yet have been reached, mainly due to the evolution of energy prices. “Prices continue without interruption and an impact on the calculation of the Iberian exception that started in mid-June has not yet been observed,” they recall from Bankinter’s analysis department. “If we include this data in our current projections, the average for the year would be more than 8% compared to the initially estimated 7.4%,” they emphasize. An estimate that is also made by the OECD itself.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
