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Financial News: Spain Inflation Highest Since September 1984

Spain Inflation Highest Since September 1984

07/29/2022 - 10:38:00 (RTTNews)

(RTTNews) - Spain's consumer price inflation accelerated more-than-expected in July to reach its highest level in nearly thirty-eight years, flash data from the statistical office INE revealed on Friday.

The consumer price index climbed 10.8 percent year-over-year in July, faster than the 10.2 percent rise in the previous month.

Economists had expected inflation to rise to 10.6 percent.

Moreover, the latest inflation was the strongest since September 1984, the statistical office said.

The recent upturn in inflation was largely driven by higher prices for food and non-alcoholic beverages and electricity.

The underlying inflation, which excludes non-processed food and energy products, also rose to 6.1 percent in July from 5.5 percent in June. This was the highest rate of increase since January 1993.

On a monthly basis, consumer prices grew at a faster pace of 1.8 percent in June, after a 0.8 percent gain in the preceding month. It was forecast to increase by 0.6 percent.

EU harmonized inflation climbed to 10.8 percent in July from 10.0 percent in June. The expected increase was 10.4 percent.

Monthly, the harmonized index of consumer prices dropped 0.5 percent in July versus an expected fall of 0.8 percent.

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