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Financial News: Spain Inflation Accelerates As Estimated

Spain Inflation Accelerates As Estimated

07/13/2022 - 04:35:00 (RTTNews)

(RTTNews) - Spain's consumer price inflation accelerated as initially estimated in June to reach its highest level in more than thirty-seven years, latest figures from the statistical office INE revealed on Wednesday.

Consumer price inflation climbed to 10.2 percent in June from 8.7 percent in May. That was in line with flash data published on June 29.

Moreover, the latest inflation was the strongest since April 1985, the statistical office said.

The underlying inflation, which excludes non-processed food and energy products, also rose to 5.5 percent in June from 4.9 percent in May, as estimated. This was the highest rate of increase since August 1993.

Transport costs alone surged 19.2 percent annually in June due to higher prices of fuels and lubricants.

Prices for food and non-alcoholic beverages grew 12.9 percent, which was the biggest yearly increase since the series began in January 1994. Housing costs also registered a double-digit growth of 19.0 percent.

On a monthly basis, consumer prices grew at a faster pace of 1.9 percent in June, after a 0.8 percent gain in the preceding month. The figure for June was revised up from 1.8 percent.

EU harmonized inflation rose to 10.0 percent in June from 8.5 percent in May, as estimated.

Monthly, the harmonized index of consumer prices went up 1.9 percent in June, which was revised up from 1.8 percent.

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