Spain’s National Statistics Institute confirmed Wednesday that the country’s annual inflation rate reached 4.9% in September. This finalized figure ensures that government subsidies for gasoline and diesel will remain in place, as fuel prices surpassed the 15% threshold required to trigger the extension of current tax relief measures.
The government’s third anti-crisis package, which includes these fuel subsidies, is scheduled for a vote in Congress this Friday. While the headline inflation rate remained steady, the core inflation rate, which excludes unprocessed food and energy, rose to 3.1%.
Economists suggest the Spanish economy may have reached the peak of the current inflationary cycle. Analysts attribute the price pressures primarily to the conflict in the Middle East and increased volatility in international oil markets.
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