Cost of living continues to rise.

Cost of living continues to rise. | Majorca Daily Bulletin reporter

Humphrey CarterPalma30/05/2022 09:28
TW
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Making it to the end of the month is still a struggle in the Balearics as inflation continues to rise and this is not only adding the cost of a holiday, especially those tourists who are self-catering, it is also making it harder for employers to attract employees from the mainland or overseas due to the high cost of living and wages which for years have not increased in line with inflation.

Spanish 12-month inflation rose to 8.7% in May up from 8.3% the previous month, preliminary data from the National Statistics Institute (INE) showed today.

The reading was higher than the 8.3% forecast by analysts polled by Reuters.

Core inflation, which strips out volatile food and energy prices, rose to 4.9% year-on-year from 4.4% a month earlier, the INE data showed.

Spanish European Union-harmonised inflation was 8.5% in the 12 months through May, up from 8.3% a month earlier.