Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spanish Inflation reaches 3.4%

Tue 1st Mar 2011

Spain's Year on year inflation rate reached two-year high of 3.4 % last month - further bleak news for the county's already fragile economy.

The National Statistics Institute (INE) reported higher food and fuel costs have pushed the rate to the highest seen since October 2008 when fuel prices rocketed. The rate jumped from 3.0% in January this year.

During the second half of 2008, Spain's economy began a slide into recession as the global financial meltdown which was compounded by the collapse of their once-booming property market.

Last the economy shrank by 0.1% and the unemployment rate reached 20.33%, the highest level in the Organization for Economic Cooperation and Development (OECD), and in the developed world.

The government has forecast economic growth of 1.3% for this year, showing greater optimism than the IMF who have has predicted a growth of just 0.6%.

Earlier this year the Prime Minister predicated that falling oil prices would ease inflation. However the recent political turmoil sweeping the Middle East and North Africa has raised crude prices, adding to fears that the inflation may rise higher still. The government on Friday introduced a number of measures intending to reduce Spain's reliance on imported fuel.

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs