It appears that prices in Spain were 5.8 percent higher in December than they were in the same month last year Preparation From the Spanish Statistical Office INE. It is the lowest inflation rate in the country since November 2021.

It is another sign that last year’s high inflation rates may have passed their peak. In Spain, the figure has fallen for five consecutive months, and in the eurozone as a whole, there was also the first decrease in November compared to the previous month. Nowhere in the eurozone is inflation currently as low as Spain.

Further declines are linked to lower electricity prices and lower fuel prices, the National Statistical Institute wrote. Actions by the Spanish government also play a role in lower price increases, such as free train rides in the region, limited rent increases, and subsidies for lower energy bills.

Earlier this week, a new subsidy package was approved to help residents in a cost crisis. For example, 4.2 million low-income families will receive a one-time benefit of €200. The tax cut on the energy bill will also be extended until the first half of 2023.

With the latest package, Madrid has now invested no less than €45 billion in support packages to ease the pain of high inflation.