Spain Inflation Climbs To 3.0%, Highest In 7 Months

(RTTNews) - Spain's consumer price inflation accelerated further in January to the highest level in seven months amid an increase in fuel costs, the flash estimates published by the statistical office INE showed on Thursday.

Consumer price inflation rose more-than-expected to 3.0 percent in January from 2.8 percent in November. Prices were forecast to climb 2.9 percent.

Further, this was the highest inflation since June 2024, when prices had risen 3.4 percent.

The EU harmonized inflation also advanced to a 6-month high of 2.9 percent from 2.8 percent. Economists had forecast a stable rate of 2.8 percent.

The statistical office said the increase in annual inflation largely reflects the increase in fuel prices compared to the fall in January 2024.

Meanwhile, underlying inflation eased to 2.4 percent from 2.6 percent a month ago.

On a monthly basis, consumer prices edged up 0.2 percent after a 0.5 percent increase in November. Prices were expected to remain flat during the month.

The harmonized index dropped 0.1 percent in a month after rising 0.4 percent in the previous month.