Inflation and pandemic in Spain

Leonardo Tariffi (l.tariffi@alumni.ub.edu)
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Leonardo Tariffi: Universitat de Barcelona, CIVREF

No 2024/480, UB School of Economics Working Papers from University of Barcelona School of Economics

Abstract: This paper shows what the main inflation macroeconomics drivers in Spain are. Even if there has been a less than two-digit inflation in the last three decades, it can be emphasized the fact that the inflation rate has raised and declined rapidly in recent years because of its fundamental determinants. Main reasons behind the behaviour of the consumption price index are related to higher prices in the energy sector and a higher government expenditure, particularly after the post-pandemic economy re-opening. Proxy variables such as oil prices free on board in the European Brent market, the 12 months Euribor interest rate of the Economic and Monetary Union, the nominal gross domestic product, the government expenditure of the public administration, and fiscal deficits in terms of the gross domestic product are those variables in which the consumer price index depends on. Changes on interest rates have managed to stabilized inflation rates once again, thereby diminishing the percentage change in the consumer price index.

Keywords: Inflation rate; Consumer Price Index; Central Banks; Hydrocarbon Fuels (search for similar items in EconPapers)
JEL-codes: E31 E58 L71 (search for similar items in EconPapers)
Pages: 16 pages
Date: 2024
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