Consumer prices in Spain have risen at the fastest rate since September of 1984. Inflation in the countries using the euro currency has reached a new record. Prices increased 10.8% this month in Spain after increased 10.2% in June. Spain is battling the inflation that has occurred in many countries in Europe due to the fallout related to the Russian war with Ukraine and the reopening of Covid-related lockdowns.
According to the economy minister of Spain, inflation will be the main challenge for the Spanish economy. The inflation is mainly due tot higher prices of food and non-alcoholic beverages, in addition to electricity costs. Prime Minister Pedro Sanchez is expecting inflation to slow in the second half of the year and has proposed measures to assist in the cost of living crisis in the country.