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Regional heterogeneity in recent inflation developments in Spain

Author

Listed:
  • Alejandro Fernández Cerezo

    (Banco de España)

  • Matías Pacce

    (Banco de España)

  • Isabel Sánchez

    (Banco de España)

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.

Suggested Citation

  • Alejandro Fernández Cerezo & Matías Pacce & Isabel Sánchez, 2024. "Regional heterogeneity in recent inflation developments in Spain," Economic Bulletin, Banco de España, issue 2024/Q3.
    • Handle: RePEc:bde:journl:y:2024:i:03:n:08
    DOI: https://doi.org/10.53479/37636
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    More about this item

    Keywords

    Inflationary process; underlying inflation; energy shocks;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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