MADRID (AP) — Consumer prices in Spain increased this month by the highest rate in 29 years as a result of soaring electricity costs, preliminary data from the National Statistics Institute showed Thursday.

The institute, known by its Spanish acronym INE, said consumer prices rose 5.5% in October compared to the same month in 2020.

Despite drastic measures that have pitted the Spanish government against big electricity firms, regulatory changes so far haven't contained the rising utility bills that the country's residents and companies are seeing as a result of a global wholesale energy price crunch.

INE said that apart from the cost of electricity, increases in fuel and gas prices also fueled the monthly consumer price hike.

Spain's consumer prices went up 4% in September compared to the same month in 2020.