Spain: inflation hits 7.4%, highest level in 33 years

Spain’s year-on-year inflation rate hit 7.4% in February, the highest level since 1989, according to preliminary data released Monday.

Spain’s National Statistics Agency said consumer prices increased generally, but the prices of food, non-alcoholic drinks, and fuel increased most sharply.

Core inflation, which excludes the more volatile categories of food and energy, increased by 3%. That is the largest spike since 2008.

“We are in an incredibly uncertain situation. We were already dealing with inflation, and now a conflict in Ukraine. We’re worried, and we are analyzing what measures we can take,” Spanish Transport Minister Raquel Sanchez said Monday.