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Spain's Inflation Rises at Fastest Pace in more than 3 Years

Oct 14 (Reuters) - Spain's inflation rose in September ​at its fastest pace since February 2023, ‌mostly due to an increase in the price of fuel and air travel, the National Statistics Institute (INE) said ​on Wednesday.

The European Union-harmonised 12-month inflation rate ​rose to 5.0% in September, up from 4.6% in ⁠the period through August, final data released by ​the INE showed.

The INE's final data was in line ​with the 5.0% forecast in both the flash reading released two weeks ago and the average estimate from analysts polled ​by Reuters.

Core inflation, which strips out volatile fresh ​food and energy prices, rose to 3.1% in the 12 months through ‌September, up from ⁠2.9% in the period through August, the INE said.

Following a worldwide wave of high inflation spurred by the COVID-19 pandemic and Russia's invasion ​of Ukraine, Spain's ​inflation spiked ⁠to 1984 levels in 2022 and has since mostly remained above ​the European Central Bank's 2% goal.

Spanish national ​consumer ⁠prices rose by 4.9% in the 12 months through September, up from a 4.3% increase in ⁠the ​period through August, and in line with ​the 4.9% rate initially measured by the INE two weeks ago.

Reporting ​by Javi West Larrañaga; Editing by David Latona

Source: Reuters


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