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Spain Inflation Accelerates Sharply To Highest Level Since 1992

Spain’s consumer price inflation accelerated strongly in October to its highest level in nearly three decades, mainly driven by higher energy prices, preliminary estimates from the statistical office INE showed Thursday. The consumer price index rose 5.5 percent year-on-year following a 4.0 percent increase in September. Economists had forecast 4.5 percent inflation. The latest rate was the highest since September 1992, INE said. Automotive fuel prices also influenced inflation to a lesser extent than energy prices, INE said. Core inflation, which excludes prices of fresh food and energy products, climbed to 1.4 percent from 1.0 percent in the previous month. The 4.1 points difference between the headline inflation and the core measure was the highest since the beginning of the series in August 1986, INE said.

Headline inflation has risen steadily since March and the core figure climbed every month since May. Compared to the previous month, the CPI rose 2.0 percent in October after a 0.8 percent climb in September. Economists had forecast a 1.2 percent increase. The monthly increase was the third in a row.

The harmonized index of consumer prices, or HICP, climbed 5.5 percent annually after a 4.0 percent rise in September. Economists had forecast 4.8 percent inflation. On a month-on-month basis, the EU measure of inflation rose 1.7 percent in October following a 1.1 percent climb in the previous month. Economists had expected a 0.9 percent increase.

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