Spain Inflation Accelerates In December

(RTTNews) - Spain consumer price inflation accelerated at the end of the year on fuel prices, the flash estimates published by the statistical office INE showed on Monday.

Consumer price inflation rose more-than-expected to 2.8 percent in December from 2.4 percent in November. A similar higher rate was last seen in July. Prices were forecast to climb 2.6 percent.

The EU harmonized inflation also advanced to 2.8 percent from 2.4 percent. This was the highest inflation since last July, when prices were up 2.9 percent. Economists had forecast an annual rate of 2.6 percent.

The statistical office said the increase in annual inflation largely reflects the increase in fuel prices compared to the fall in December 2023.

Underlying inflation came in at 2.6 percent, up from 2.4 percent a month ago.

On a monthly basis, consumer price inflation doubled to 0.4 percent from 0.2 percent in November. The pace of growth was slightly faster than forecast of 0.3 percent.

Likewise, the harmonized index gained 0.4 percent on month after remaining flat in the previous month. Prices were forecast to rise 0.3 percent.