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Spain Finance & Business - Thursday January 3 2008
By h.b. - Jan 3, 2008 - 1:55 PM
ALSO SEE : • Spain Business Brief - Friday September 5 2008 - Sep 5, 2008 - 2:09 PM
• Spain Business Brief - Thursday September 4 2008 - Sep 4, 2008 - 12:58 PM

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Advance figure for inflation increases to 4.3 percent in Spain
The advance figure for inflation for the month of December shows an increase of two points to take it up to 4.3%. If the number is confirmed it will be the worst inflation number seen in Spain since December 1995.
The advance number has been given by the INE, National Statistics Institute, and would also be the highest ever seen for the inflation index which is harmonised with other European countries, which was established in 1997.
Christmas foodstuffs such as frozen prawns, up 10.91%, turkey up 7,34% and hake up 6%, all added to the numbers, and come in addition to the increases seen in cereals and milk products. Milk and sunflower oil have risen in price by more than 25% over the past 12 months.
It comes as oil has reached 100 $ a barrel and also shows that the new numbers indicate a widening between the inflation rate in Spain and the rest of Europe.

More bad news on the economy with the revelation that the number of registered unemployed at the end of 2007 was up by 35,074. The December increase is the third consecutive monthly increase according to the data from the National Employment Instutute. It means that 106,674 joined the dole queues in Spain over the year, compared to a reduction of 80,064 in 2006.

The fall of the Colonial real estate share price on the Madrid market has now slowed down, at around 10 % on the day after falls in earlier trading which were double that amount. The company has issued a statement saying its recent sell-offs were not linked to the financial crisis.

The financial crisis has sent consumer confidence down by 3.8 points in December, according to the Official Credit Institute, ICC ICO. It’s the eighth consecutive monthly fall and indicates a worsening situation for family finances. Over the year the index has fallen by 13.2 points.

RENFE Spanish railways says that its new high speed AVE services from Madrid to Valladolid and Málaga will be running perfectly in ten days time. Company president, José Salgueiro, said the Málaga line would be the last to be entirely corrected of the signalling software problem, but noted that there has not been any more delays on the Valladolid line over the past three days. RENFE claims that such adjustments are normal for the start of such a complex system.
Meanwhile RENFE has set a 70% increase in passenger numbers for the two new services. Current passenger growth since the days of the Talgo is up by 57% on average.
The new AVE line to Barcelona is now expected to be in service before the date of the General Election, March 9.

Spanish financier, Javier de la Rosa, is to sit on the accused bench, charged with a crime against the Hacienda tax authorities. The request from the Attorney General comes in the Gran Tibadabo case.


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ALSO SEE :
• Spain Business Brief - Friday September 5 2008 - Sep 5, 2008 - 2:09 PM
• Spain Business Brief - Thursday September 4 2008 - Sep 4, 2008 - 12:58 PM
• Spain Business Brief - Wednesday September 3 2008 - Sep 3, 2008 - 12:26 PM
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