This paper assesses the impact of oil price changes on Spanish and euro area consumer price inflation. We find, consistently with recent international evidence, that the inflationary effect of oil price changes is limited, even though crude oil price fluctuations are a major driver of inflation...

The introduction of euro banknotes and coins in Spain on January 2002 led to the conversion into euros of peseta denominated prices. The changeover should have been neutral with respect to price levels, although some factors, such as menu costs, overhead costs or use of attractive prices, led to...