FX.co ★ Spanish consumer prices rise to record high 9.8%

Inflation in Spain hit a 37-year high in March, Spain’s National Institute of Statistics said.

Consumer prices climbed by 9.8% year-on-year, the highest annual inflation spike since May 1985. The upsurge was driven by hikes in electricity, fuel, food and non-alcoholic beverage prices, Spain’s statistics office reported.

Numerous countries across Europe are facing record-high price growth. In Sweden, annual inflation has reached 4.5%, the highest level since December 1993. The increase was propelled by rising food prices, including vegetables, fruit, and coffee.