Energy costs give Spain highest price increase in 29 years

Spain's National Statistics Institute says consumer prices increased this month by the country's highest rate in 29 years as a result of soaring electricity costs

The institute, known by its Spanish acronym INE, said consumer prices rose 5.5% in October compared to the same month in 2020.

Despite drastic measures that have pitted the Spanish government against big electricity firms, regulatory changes so far haven't contained the rising utility bills that the country's residents and companies are seeing as a result of a global wholesale energy price crunch.

INE said that apart from the cost of electricity, increases in fuel and gas prices also fueled the monthly consumer price hike.

Spain's consumer prices went up 4% in September compared to the same month in 2020.