Spain Inflation Strongest Since 2024

(RTTNews) - Spain's inflation increased to the highest level since May 2024, flash data from the statistical office INE showed Thursday.

Consumer price inflation accelerated to 3.5 percent in July from 3.2 percent in June. This was the highest since May 2024. Prices were expected to rise again by 3.2 percent in July.

At the same time, underlying inflation rose slightly to 3.0 percent from 2.9 percent in the previous month.

EU harmonized inflation rose to 3.8 percent in July from 3.6 percent in June. A similar higher rate was last seen in May 2024 and also came in faster than forecast of 3.7 percent.

On a monthly basis, consumer prices moved up 0.2 percent, as expected but weaker than June's 0.6 percent increase.

Meanwhile, the harmonized index of consumer prices edged down 0.1 percent, reversing a 0.6 percent rise in the prior month. Economists had forecast a monthly fall of 0.2 percent.