Spanish consumer prices in December rose 6.7% from the same month last year, the fastest annual pace of inflation since 1989, flash data from the National Statistics Institute (INE) showed.
Big rise in inflation across Spain
6.7 percent rise
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The west is no longer driving the world economy and insofar commodity prices. That privilege is now that of the east. And costs are in USA dollars. Weak economies like Spain with feel the impact most due to its use of the euro. The world has moved away from the European Union’s closed market and its low productivity model. The lose ecb fiscal policies will only fuel this inflation problem and cause friction similar to the 2010 euro crisis.