Spain tries to mitigate the economic consequences of the war in Ukraine 2:05
(CNN Spanish) --
The provisional Consumer Price Index in Spain stood at 9.8% in March, compared to the same month of the previous year, placing it as the highest inflation data since May 1985, according to the National Statistics Institute (INE).
This figure reflects an increase of more than 2 points compared to the figure for February, when the annual variation stood at 7.6%.
According to the INE, this upward trend is explained by the increases in the prices of electricity, fuel and fuel, as well as food and non-alcoholic beverages.
The Bank of Spain attributes these inflation data to the consequences of the war in Ukraine, since the conflict has caused a general increase in the prices of gas, oil, and some raw materials such as aluminum, nickel or wheat .
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With the aim of mitigating the impact of this inflation in the pockets of citizens, the Council of Ministers approved on Tuesday a shock plan with which it intends to mobilize US$ 17,500 million to help the most affected sectors.
As detailed by the President of the Spanish Government, Pedro Sánchez, some US$ 6,500 million will be allocated to direct aid and tax benefits, while the remaining US$ 11,000, to credits and loans.
Being a royal decree law, this shock plan must be validated by the Spanish Parliament within 30 days, after being published this Wednesday in the Official State Gazette.