The prices in Spain have risen due to the impact of electricity and fuel prices, as well as a number of other influences. In October, the rise saw an increase by 5.5 percent compared to the same month in 2020, a rise of one and a half points higher than in September (4 percent) and the highest rate since 1992.

       Unión General de Trabajadores, a trade union in Spain, released a statement about the continuous rise in prices.

       They said: "The sharp rise in prices means a loss of purchasing power of wages, which has a very negative impact on consumption, economic recovery and job creation.

       “Faced with this increase in prices, the 1.5 percent increase in wages, registered until September, and the 1.6 percent increase in the minimum wage, which is only applied in the last four months of the year, are insufficient.”

       Pablo de Vicente, a financial advisor and analyst at Evolution Capital Investment, also spoke about the unprecedented rises in Spain over the past few months.

       He said: "We are experiencing a generalised global rise, which has been more pronounced since the beginning of the year, but we have been observing a shortage of product since 2020.

       “In other words, supply is not keeping up with the strong increase in demand once the economies have opened up, leaving Covid-19 behind and consumption levels have resumed.

       “And prices, by nature, are rising.

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       “On top of all this, there were transport bottlenecks, as Covid-19 paralysed certain first-tier ports and the congestion and consequent delay in freight rates continued to push up prices.”

       Raymond Torres, director of Coyuntura Económica, had highlighted the rise in production prices as being one of the biggest dangers for Spain.

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       The production prices have seen an increase of 23.6 percent in September.

       More specifically, intermediate goods have had an increase of 16 percent with energy also seeing an increase of 56.3 percent.

       There was a noticeable rise between both September and October of this year, as they rose from 2 percent from one month into the other.

       The European Central Bank has warned that the rise above the price level of 2 percent is expected to last for a considerable length of time.

       But the year-on-year rate has seen an increase to 5.5 percent for this year.

       According to the National Statistics Institute (INE), this is the highest it has been since September of 1992.

       Additional reporting by Maria Ortega