March 7, 2023
According to preliminary data from the statistical office INE, Spain’s consumer price inflation unexpectedly increased in February to the highest level in three months, primarily as a result of increasing electricity and food costs.
Faster than the 5.9 percent increase in January, the consumer price index increased by 6.1 percent in February.
According to the agency, the increase in inflation was primarily brought on by price increases in food and energy compared to last year.
The HICP-based EU harmonized inflation rate rose from 5.9 percent to 6.1 percent in February. In the meantime, a decrease in inflation to 5.5 percent was predicted.
After increasing 7.5 percent in January, underlying consumer prices, excluding energy and unprocessed food, increased at a higher rate of 7.7 percent in February.
Consumer costs rose 1.0 percent on a monthly basis after falling by 0.2 percent in January.
Contrary to expectations, the harmonized indicator of consumer prices increased by the same 1.0 percent monthly in February.
Source: RTT News
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