Spain’s 12-month inflation up to 5.9% in January

(Reuters) – Spanish consumer prices rose 5.9% in the 12 months through January, up from 5.7% in the period through December, pushed up by, among other things, higher fuel and lubricant prices in transport services as compared to January last year, National Statistics Institute (INE) data showed on Wednesday.

The final reading was higher than the 5.8% flash estimate released by the INE two weeks ago. Analysts polled by Reuters saw the 12-month inflation through January also at 5.8%.

Core inflation, which strips out volatile fresh food and energy prices, was 7.5% year-on-year, up from 7.0% a month before, reaching its highest level since 1986, the INE noted.

The 12-month European Union-harmonised price stood at 5.9%, 0.1 percentage points higher than the INE’s previous estimate two weeks ago.

Spanish central bank governor Pablo Hernandez de Cos said on Wednesday euro zone inflation could fall faster than earlier expected, citing recent gas price developments, but noted that energy and food commodity price rises could still be significant in 2023.

(This story has been refiled to fix spelling of food in final paragraph.)

Source link