Spanish Inflation Hits 4.3%, Highest Since February 2023

Inflation in Spain has accelerated to its highest level since February 2023, reaching 4.3% year-over-year in August.

The main contributor to this increase is fuel prices, which have risen by up to 16 euros per tank compared to the beginning of summer, according to the National Institute of Statistics (INE).

Rafael Pampillón, a professor of Applied Economics at CEU San Pablo University, notes that when prices rise faster than salaries, 'our money buys fewer things.'

Pampillón also warns that Spain's higher inflation rate compared to the European Union may lead to a loss of competitiveness for Spanish companies.