Regional heterogeneity in recent inflation developments in Spain

Alejandro Fernández Cerezo, Matías Pacce and Isabel Sánchez
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Alejandro Fernández Cerezo: Banco de España
Isabel Sánchez: Banco de España

Economic Bulletin, 2024, issue 2024/Q3, No 08

Abstract: Rationale Inflation has recently performed heterogeneously across Spain’s different regions. This article provides a detailed analysis of such heterogeneity and looks at some of its main determinants. Takeaways •Between June 2019 and June 2024, cumulative inflation for the Spanish economy as a whole amounted to 18.9%. •Cumulative inflation has varied appreciably across regions. Castile-La Mancha and Galicia were the regions with the highest cumulative inflation in this period (21.2% and 20.4%, respectively), while Madrid and Catalonia recorded the lowest relative price rises (17.1% and 18.1%, respectively). •Heterogeneity in regional inflation rates, something that is also seen in other European countries, has essentially reflected the cross-regional differences in the composition of household consumption baskets.

Keywords: Inflationary process; underlying inflation; energy shocks (search for similar items in EconPapers)
JEL-codes: E31 E66 R11 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bde:journl:y:2024:i:03:n:08

DOI: 10.53479/37636

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