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Financial News: Spain's Inflation At 13-Month High

Spain's Inflation At 13-Month High

05/30/2018 - 03:38:00 (RTTNews)

(RTTNews) - Spain's inflation accelerated to a 13-month high in May, according to flash estimate from INE, released on Wednesday.

Consumer price inflation rose to 2 percent in May from 1.1 percent in April. This was the highest since April 2017 and above the expected rate of 1.7 percent.

Likewise, EU harmonized inflation improved to 2.1 percent from 1.1 percent in April. Prices were forecast to gain 1.7 percent.

On a monthly basis, consumer prices advanced 0.9 percent versus a 0.1 percent drop a year ago. The harmonized index of consumer prices also climbed 0.9 percent in May.

Economists had forecast both consumer and harmonized prices to climb 0.5 percent each in May.

Another report from INE showed that retail sales growth eased to 0.5 percent in April from 1.6 percent in March.

Similarly, on an unadjusted basis, retail sales climbed 0.7 percent, slower than the 1.5 percent increase logged in March.

Month-on-month, retail sales dropped 0.3 percent, offsetting March's 0.3 percent increase. This was the first decrease in four months.

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