Prices run wild

and

February

2022 will go down in history as the month with the highest increase in inflation in the last 33 years after the outbreak of the conflict between Russia and Ukraine.

The Consumer Price Index (CPI) has shot up 7.4%,

the biggest rebound since July 1989, according to what the National Institute of Statistics (INE) has advanced this Monday and will have to confirm in two weeks.

Inflation is driven, as it has been for months, by the price of

energy

, but it

is already spreading to the rest of the goods and services in the consumer basket.

In fact,

core inflation

, which does not take into account the price of energy products or fresh food because they are the most volatile,

has risen 3% this month.

"This evolution is due to general increases in most of its components. Among them, it is worth noting those of the

prices of food and non-alcoholic beverages

and those of

fuels and fuels

, as well as the behavior of

electricity

prices , which this month decreased but less than in February 2021", explained the INE.

The rise in prices has been on an upward trend for months, especially since it reached 6.5% in December.

It moderated slightly in January, to 6.1%, but has risen sharply again in the second month of the year, further fueled by the

conflict in Ukraine.

The war between Russia and Ukraine has triggered

gas and electricity prices,

something that has been noticed since the day after Vladimir Putin decided to launch his attack against that country.

The Funcas

panel of analysts

, which includes 20 of the best study services in the country, already warned last week that the war will boost prices and that average inflation could be 5.6% this year in Spain (compared to 3.1% at the end of 2021) and even

reach 6.5%

if energy prices remain at that level.

If this forecast comes true, that would mean that prices would remain

above 6% during all months of the year.

In

monthly rate,

comparing the prices of February with those of January,

the rise was 0.6%.

Conforms to The Trust Project criteria

Know more

  • Ukraine

  • Russia

  • INE

  • Vladimir Putin

  • Inflation

Russia-UkraineInflation could skyrocket in Spain to a record 6.5% average in 2022 due to the war

InflationThe Bank of Spain already forecasts an average inflation of 4% in 2022 and asks that salaries not be raised

Final data from INE Inflation shot up 6.1% in January driven by the rise in gasoline prices

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