Financial News: Spain Inflation Rises To 2.9%

Spain Inflation Rises To 2.9%

(RTTNews) - Spain's consumer price inflation accelerated in September, flash estimate from the statistical office INE showed Monday.

Another official data showed that retail sales growth eased in August on weaker food turnover.

Consumer price inflation rose to 2.9 percent in September from 2.7 percent in August. This was the highest inflation since February but came in weaker than economists' forecast of 3.1 percent.

Meanwhile, core inflation softened to 2.3 percent from 2.4 percent a month ago, data showed.

At the same time, EU harmonized inflation accelerated to 3.0 percent, as expected, from 2.7 percent a month ago.

Compared to August, the consumer price index slid 0.4 percent. Economists had forecast a monthly fall of 0.2 percent after posting a nil growth in August.

The harmonized index of consumer prices moved up 0.1 percent compared to forecast of a 0.3 percent rise.

Another data from the INE showed that retail sales grew at a slower pace of 4.5 percent in August after rising 4.7 percent in July.

On an unadjusted basis, retail sales rose 3.0 percent from a year ago after expanding 4.3 percent in the previous month.

Month-on-month, retail sales gained 0.4 percent, offsetting the 0.4 percent decrease in July.

Food sales rose 0.1 percent and non-food product sales advanced 0.8 percent in August.

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