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Spain refuses to reduce electricity prices despite EU pressure
Inflation in Spain rose to 3% this month because electricity prices have shot up
Nobody living in Spain can have failed to notice the huge jump in their electricity bills over the last couple of months. In fact, rates practically doubled during one 24-hour period back in January. This is because the Spanish government has hoisted electricity VAT back up to 21% after several years at a reduced rate of just 5%.
According to the Iberian Electricity Market Operator (OMIE), in the last few days the megawatt/hour cost of electricity has exceeded 90 euros.
But despite the general outcry, Spain this week refused to lower the taxes on energy despite a plea from the European Commission to curb rising electricity prices. The EU’s call came on the same day we learned that inflation had shot up to 3%, all because of electricity costs.
Brussels wasn’t just targeting Spain – the powers that be appealed to all 27 member states to reduce energy taxes to the minimum allowed by European rules or even consider leaving them "at zero."
On the flip side, Spain is still one of the cheapest countries in Europe for petrol and diesel and fuel costs have always acted as a kind of counterweight to inflation. However, the CPI has still inched up in February and with diesel discounts being cut to bring costs in line with petrol, drivers will soon start feeling the pinch too.
Even so, fuel prices have risen less this month than they did in February 2024. The most recent data from the EU Petroleum Bulletin reveal that in the last week a litre of petrol and a litre of diesel have cost an average of 1,570 and 1,498 euros, respectively, which means that filling a 60-litre tank costs around 90 euros.
February is the fifth consecutive month in which inflation has increased, maintaining the upward trend that began in October after it bottomed out in September at 1.5%, its lowest level since the beginning of 2021.
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