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Financial News: Spain Inflation Accelerates To 13-year High

Spain Inflation Accelerates To 13-year High

09/29/2021 - 08:03:00 (RTTNews)

(RTTNews) - Spain's consumer price inflation accelerated for a third straight month in September to its highest level in 13 years, preliminary data from the statistical office INE showed Wednesday.

The flash consumer price index rose 4.0 percent year-on-year following a 3.3 percent increase in August. Economists had expected 3.5 percent inflation.

The latest annual inflation rate was the highest since September 2008.

Headline inflation was largely driven by the increase in electricity prices, INE said. Further, prices of tourist packages fell more last year than this year and price of automobiles climbed versus a decline in the same period last year.

Core inflation, which excludes fresh food and energy, rose to 1.0 percent from 0.7 percent in the previous month.

The difference between the headline inflation and the core rates were the highest since the series began in August 1986, INE said.

Compared to the previous month, the CPI rose 0.8 percent in September after a 0.5 percent gain in August. Prices rose for a second straight month and the monthly rate of increase was the highest since April. Economists had forecast 0.4 percent gain.

Inflation based on the EU measure, the HICP, accelerated to 4.0 percent from 3.3 percent in the previous month. Economists had forecast 3.7 percent.

On a month-on-month basis, the HICP rose 1.1 percent in September, which was faster than the 0.4 percent economists had expected.

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