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Financial News: Spain's Inflation Slows To 5.7% In December, More

Spain's Inflation Slows To 5.7% In December, More Than Estimated

01/13/2023 - 05:50:00 (RTTNews)

(RTTNews) - Spain's consumer price inflation eased more than initially estimated in December to the lowest level in thirteen months, latest figures from the statistical office INE revealed on Friday.

Consumer prices climbed 5.7 percent year-over-year in December, slower than the 6.8 percent rise in November. That was just below the 5.8 percent rise seen in the preliminary report published on December 30.

Moreover, this was the slowest inflation rate since November 2021, when prices had risen 5.5 percent.

The easing trend in inflation was mainly due to a slower rise in electricity prices and fuel prices compared to last year, the statistical office said.

A 4.5 percent drop in utility costs in December was related to lower electricity prices.

Prices of food and non-alcoholic beverages had the biggest impact on overall inflation in December, rising 15.7 percent. Transport costs grew only 3.3 percent amid a reduction in fuel prices.

Excluding energy and non-processed food, core inflation rose to 7.0 percent in December from 6.3 percent in the prior month. The latest figure was revised up from 6.9 percent.

On a monthly basis, consumer prices rebounded 0.2 percent from November, when they dropped by 0.1 percent. In the initial estimate, the increase was 0.3 percent.

EU harmonized inflation stood at 5.5 percent in December, revised from 5.6 percent, versus 6.6 percent in the previous month.

The harmonized index of consumer prices showed no variations at the end of the year, while a 0.1 percent rise was seen in the flash data.

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