Spanish National Statistics Institute (INE) annual inflation report

Spain's December Inflation Surpasses Forecasts, Rising to 2.8% on Higher Fuel Prices

Dec 30, 2024, 08:08 AM

Spain's inflation rate increased in December 2024, reaching 2.8% year-on-year, surpassing the expected 2.6% and up from 2.4% in November. The Consumer Price Index (CPI) rose 0.4% month-on-month, higher than the forecasted 0.2%, marking the third consecutive month of increases. The uptick in inflation is attributed to rising gasoline and fuel prices, as well as increased leisure costs. Despite the December rise, the inflation rate is six-tenths lower than at the start of the year, and the average inflation for 2024 stands at 2.8%, down from 3.6% in 2023, indicating the lowest level in three years and suggesting that 2024 has left behind the worst of the price crisis.