Car prices in Spain at highest in 5 years

The semiconductor chip crisis has reduced the offer available and led car prices to rise to the highest they have been in Spain in 5 years.
Buying a car is becoming increasingly difficult. In December, the price of cars had increased by 3% in December in comparison to the previous year, making it the highest it has been since May 2017, according to data published on Friday by the National Statistics Institute.
The lack of stock resulting from the semiconductor crisis has been met by a new rise in prices accompanied by a decrease in demand.
The increasing prices are also influenced by the more advanced technology that is being incorporated into vehicles, along with the higher costs of many of the raw materials.
In December, the inflation on cars had increased by 0.3% in comparison to the previous month. This rate is below the general Consumer Price Index, which increased by 1.2% in December in comparison to the previous month and by 6.5% in comparison to the previous year, which is the highest it has been in 29 years due to the increased cost of electricity, food, hotels and restaurants.
The price of motorcycles went up by 2.5% in December in comparison to the previous year, and by two tenths in comparison to the previous month. Replacement parts and accessories for vehicles also went up by 3.5% in comparison to the same month of the previous year and by 1.2% in comparison with November.
The price of fuels and lubricants for vehicles showed a significant increase in December, with an increase of 23.8% in comparison to the previous year.
Lastly, at the end of last year, the prices of maintenance and repair services for personal vehicles had an increase of 2.5% in comparison to the previous year and an increase of three tenths in comparison to the previous month.
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