Spain reports lowest inflation rate in more than 50 years

Photo: Spain reports lowest inflation rate in more than 50 years / Other News

Spain finished 2013 with an inflation rate of 0.3 per cent, the lowest annual increase in consumer prices since 1961, data released Wednesday by the National Statistics Institute showed, dpa reported.

The rate is a stark contrast to the consumer price increase of the past few years. Spain recorded an annual inflation rate of 2.9 per cent in 2012, preceded by 2.4 in 2011 and 3 per cent in 2010.

Consumer prices in most areas stagnated over the past year, including prices for culture, entertainment and apparel. Only the transportation sector recorded price increases, and a rise in fuel costs contributed to a small bump in the overall index in December.

Inflation in the last month of the year is considered particularly important for workers, who often used it in collective wage negotiations.

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