Energy costs give Spain highest price increase in 29 years

MADRID (AP) — Spain’s National Statistics Institute says consumer prices increased this month by the country’s highest rate in 29 years as a result of soaring electricity costs. Preliminary data from the institute released on Thursday said consumer prices rose 5.5% in October compared to the same month in 2020. Regulatory measures so far haven’t contained the rising utility bills that the country’s residents and companies are seeing as a result of a global wholesale energy price crunch. The statistics agency says that apart from the cost of electricity, increases in fuel and gas prices also fueled the monthly consumer price hike.