MADRID: Spain’s annual inflation rate stood at zero, showing no variations in prices, according to the Consumer Price Index (CPI) published on Friday by the National Institute of Statistics (INE).
This is the first time Spain’s inflation rate stands at zero by the end of the year since 1961, when the CPI was first reported.
Prices of transport fell by 2.8 percent in December year-on-year, with prices of fuel and lubricants falling less than in December, 2014, the INE said, and prices of items related to housing fell by 2.3 percent.
Prices of food and non-alcoholic drinks rose by 1.8 percent while prices of those items related to leisure and culture rose by 0.2 percent.
Spain’s annual inflation rate was negative almost throughout the year except from the months of June, July and December with rates of 0.1 percent, 0.01 percent and 0 percent, respectively.
Spain’s current acting Minister of Economy and Competitiveness, Luis de Guindos, said in December that inflation would likely remain around zero through 2015 as a whole. According to him, low prices helped Spain’s economic recovery.
