Prices in spain rose as colonies supplied large amounts of gold and silver. this suggests that spanish imports of gold and silver led to

It led to inflation

Since the value of money was based on gold and silver and since Spain got a lot of gold and silver, the money started losing value rapidly and it led to an inflation. Inflation is when money loses value so you need more money to pay for things that were cheaper before when money held higher value. They basically over-saturated the economy with gold and silver.