Financial News: Spain Inflation Rises Unexpectedly To 6.1%

Spain Inflation Rises Unexpectedly To 6.1%

02/28/2023 - 08:28:00 (RTTNews)

(RTTNews) - Spain's consumer price inflation rose unexpectedly in February to the highest level in three months, mostly as a result of rising electricity and food costs, preliminary data from the statistical office INE revealed on Tuesday.

The consumer price index climbed 6.1 percent year-over-year in February, faster than the 5.9 percent gain in January.

The rise in inflation was mainly due to a price increase in electricity and food products compared to last year, the agency said.

EU harmonized inflation, based on the HICP, also increased to 6.1 percent in February from 5.9 percent a month ago. Meanwhile, the inflation rate was forecast to ease to 5.5 percent.

Underlying consumer prices, excluding energy and unprocessed food, advanced at a faster pace of 7.7 percent in February after rising 7.5 percent in the previous month.

On a monthly basis, consumer prices rebounded 1.0 percent from January, when they dropped by 0.2 percent.

The harmonized index of consumer prices moved up the same 1.0 percent monthly in February versus an expected increase of 0.5 percent.

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